The Indian Railway Catering and Tourism Corporation, soon after adding cash on delivery service for railway tickets, is all set to add another feature for booking tickets.
Now passengers can book tickets via IRCTC website and pay later, which could reduce the hassle of going through the payment process at the time of booking.
The new IRCTC feature is being enabled in partnership with Mumbai-based ePaylater which is a provider of “Buy now Pay later” payment solutions, and is targeted at frequent online purchasers with a credit term of 14 days.
“The eligibility of a customer will be checked through past transaction history, social media and other parameters. The process will work similar as to giving a personal loan. If the individual fails to pay, legal action will be taken,” said Akshat Saxena, the cofounder of ePayLater.
Talking about the partnership, ePayLater says that it targets to capture at least 5 percent of the 6 lakhs transactions per day in the next six months.
“By providing customers this deferred payment option, we not only simplify the checkout experience, but also help them manage their short-term income-expense mismatches better,” he said.
First-time customers will have to provide some basic details like email ID, mobile number and also link it to PAN or Aadhaar card to checkout.
Once a customer gets approval to use the feature, they will be provided with one-time passwords to enable them to use the service.
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