Payment gateway provider PayU has announced its collaborations with IRCTC (Indian Railways Catering & Tourism Corporation) to provide users a safe and secure option to pay for rail tickets booked via various payment options like internet banking, debit/credit card and e-wallet.
PayU India claims to be the largest payment processor in the country, processing over Rs 6500 crores worth of digital transactions every month. Henceforth, it will be available as a payment option under the Multiple Payment Services or MPS option on the IRCTC website at the payment stage of booking an e-ticket.
“Our payment gateway operates around 80 per cent of the e-commerce business in India today, and this collaboration with IRCTC is aligned with our vision to simplify the payment experience for the growing digital savvy consumers as well as the merchants,” said Rahul Kothari, Enterprise Business Head, PayU India.
The payment company clocked a revenue of about $61 million for the financial year ended March 31, 2017 and is targeting the revenue of $100 million for the financial year 2017-18, reports ET.
PayU is one of the leading payment service provider and its clientele includes the likes of Jet Airways, Amazon, Airtel, Snapdeal, Jabong, Ola, Bookmyshow, various insurance companies, including several others.
Recently, PayU integrated with UPI and has a strong presence in Asia, Central and Eastern Europe, Latin America, the Middle East and Africa. With an active user base of 30 million, it claims to process 150 million transactions in 2016 worth a combined $4.2 billion.
The Naspers-backed company, PayU covers nearly 60 per cent of the airline business and 80 per cent of the entire ecommerce and processes over Rs 40,000 crore of digital payments in India annually.
Earlier, FreeCharge (Now acquired by Axis Bank) had tied up with IRCTC to provide digital payments and ticket bookings in November 2016.