New Delhi [India], Feb 28 (ANI): India's first converged payment solutions company, Razorpay, on Wednesday announced its collaboration with Indian Railway Catering and Tourism Corporation (IRCTC) to help customers make online payments on IRCTC website and mobile app through Unified Payment Interface (UPI), in addition to payments through netbanking, wallets and credit/debit cards.
Now any passenger with a mobile phone and a bank account will now be able to pay through UPI for booking train and air tickets online and enjoy a seamless checkout experience as it removes the hassle of typing card details or netbanking/wallet password.
Razorpay's partnership with IRCTC is intended to offer a frictionless payment experience to consumers through the UPI channel and help users get comfortable with digital money, which will eventually help in increasing adoption of digital payments.
Powered by robust technology and a secure platform that works with multiple levels of security encryption, Razorpay's payment gateway will process more than a million transactions a month on IRCTC website and mobile app.
CEO and co-founder, Razorpay, Harshil Mathur believes that the true testimony of fostering the idea of a less-cash society lies in simplifying digital payments for everyday and essential services.
Excited about partnering with IRCTC for ticket bookings, Harshil said, "Rail travel in India has been growing exponentially over the years and 2017 saw 30 million more passengers than the previous year. Our UPI offering will help IRCTC offer a new payment channel for customers that will effectively manage online payments during peak hours of the day in a frictionless manner. We are very excited about this association as we believe UPI will change the way users purchase tickets online".
UPI grew the fastest among all modes of retail digital payments last year, clocking 151 million transactions in January, reporting a growth of around 40 percent.
Razorpay has effectively contributed in the cause of promoting the digitization efforts of the government by being India's first payment solutions company to launch UPI for its merchants as early as September 2016.
Having disrupted the payment gateway industry over the last three years and being the first to support every new mode of payment for businesses, Razorpay has recently and successfully evolved as India's first converged payments solution company.
With the launch of a suite of new products, the company is equipped to address all payment challenges such as managing cash flows, disbursement of money, managing NEFT/RTGS/IMPS receivables and collection of subscription payments among others.
It is geared to increase its merchant count to 2,00,000 by the end of 2018 and impact 500 million end consumers by 2020.
The company has clocked in a healthy growth rate of 30 - 35 percent month-on-month.
Razorpay expects more than 10x growth in volume and revenue by next fiscal year and predicts the newly launched product suite to contribute 30 percent of its revenue. (ANI)