Indian Railway Catering and Tourism Corporation (IRCTC) has launched its own payment aggregator system named IRCTC iPay in a bid to promote digital transactions. It is step towards promoting the government’s Digital India initiative.
- It is exclusive digital payment gateway aimed at providing improved online digital payment convenience and ease of doing business to passengers availing online travel related services through IRCTC website
- It is prepaid card cum wallet. Using it, passengers will not need any third-party platforms as it provides payment options like credit card, debit card, UPI (Unified Payment Interface), International Card.
- Under this new arrangement, IRCTC will have full control of payment system because of its direct relationship with acquiring banks, card networks and other partners.
- This will help reduce the gap between IRCTC and banks, and eventually lead to substantial reduction in payment failures.
- It will help IRCTC to directly get in touch with bank instead of relying on intermediate source which usually delays t process in case an online transaction is unsuccessful or some other error occurs.
Indian Railway Catering and Tourism Corporation (IRCTC)
- It is subsidiary of Indian Railways that handles catering, tourism and online ticketing operations of Indian railways. It is headquartered in New Delhi.
- Its mandate is to enhance customer services and facilitation in railway catering, hospitality, travel and tourism with best industry practices.
- It claims that it has 30 million registered users on its website and is the world's second busiest with around 550,000 to 600,000 bookings everyday.