IRCTC to Enable ‘Buy Now Pay Later’ Feature in Partnership With ePaylater

irctc IRCTC to Enable 'Buy Now Pay Later' Feature in Partnership With ePaylater

HIGHLIGHTS

  • New feature will let customers buy tickets without paying
  • Customers will have to make the ticket payment in 14 days
  • The feature should be available in the coming days

The Indian Railway Wedding caterers and Tourism Company, popularly known as IRCTC, soon after adding cash on delivery service for railway seat tickets, is ready to add another feature for booking tickets. You are able to soon buy your railway seat tickets via IRCTC website and pay later, which could reduce the inconvenience of going through the repayment process at the time of booking.

The new IRCTC feature is being enabled in partnership with Mumbai-based ePaylater which is a company of “Buy now. Pay later” payment alternatives, and is targeted at frequent online buyers with a credit term of 2 weeks.

ePayLater says that the “Buy Now Pay Later” feature will be available to qualified customers who is able to book their railway seat tickets without paying at that time. Beneath the new payment solution, customers at IRCTC can make the repayment for their tickets within 14 days from the particular date of transaction.

Discussing the relationship, ePayLater says that this targets to capture at least 5 percent of the 6 lakhs ventures per day in next half a year.

The company talks about that to become applicable for new “Buy Now Pay Later” feature, users will have fill in basic details including Aadhaar and PAN card details after which they will be in a position to use the feature with a One Time Password (OTP).

Explaining the procedure, Akshat Saxena, Co-Founder and Head of Business Development – ePaylater says that eligibility of a person for the new “Buy Now Pay Later” on IRCTC will be inspected through old deals and other factors.

Uday Somyajula, Co-Founder, ePayLater announcing the collaboration said, “Were fired up with this development. At ePayLater, it has been our primary focus to leverage data science to solve real life issues. Partnering with India’s largest online portal is a strong testimony to our technology and analytics authority. By giving customers this deferred payment option we not only simplify the checkout experience but also help them take care of their short-term income-expense mismatches better.”

ePaylater was founded in Dec 2015 and is based in Mumbai. The company provides 14 days free credit period strategy within which users can make the payment. ePaylater currently allows obligations online through NEFT. The brand new IRCTC feature was first reported by BusinessWorld Disrupt.

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