IRCTC Signs a Deal with Paytm to Use their Payment Gateway
Dated: September 17, 2016
The Indian Railway Catering and Tourism Corporation (IRCTC) has signed a deal with Paytm to integrate that latter’s payment gateway into its app. Kiran Vasireddy, Sr. Vice President, Paytm, stated, “At Paytm, we are on a mission is to make payments extremely simple. Our deeper integration with IRCTC platform will not only provide greater convenience to its users but would also increase the success rates of such transactions.” The company hopes that this tie-up will make the process of making digital payments much easier for travellers.
Paytm mentioned that it is the first payment aggregator to tie up with IRCTC and the government company had to have individual tie ups with banks. However, Paytm declined to give specifics of the deal with the catering company i.e. how much it would charge for processing a transaction.
IRCTC, on the other hand, handles massive number of transactions. In April 2015, IRCTC users booked 13.45 lakh e-tickets on a single day, its highest so far, and up from 5.80 lakh e-tickets in March 2014, which was the previous record, and 5.72 lakh in September 2013. In May, IRCTC claimed to process over 180 million transactions every year.