Indian Railways enables ‘Buy Now and Pay Later’ option via ePaylater

IRCTC ePaylater Fintech Asia

A scheme of booking e-ticket online and making payment after 15 days through ‘ePaylater’ powered by M/s Arthashastra Fintech Pvt. Ltd, as a pilot project, has been introduced by Indian Railway Catering and Tourism Corporation Ltd (IRCTC). Under this scheme, a customer has the option to pay after 15 days of booking an e-ticket through IRCTC website.

The service charge levied on using ‘ePaylater’ scheme is 3.50% of transaction amount and applicable taxes.

Online ticketing through IRCTC website is gaining popularity and its share vis-à-vis counter tickets is increasing. Further, online ticket booking is also being promoted as a cashless mode of transaction.

ePaylater as a payment option is displayed at the payment page of IRCTC website to make people aware about the availability of this payment method. Details about its service charge and ‘Terms & Conditions’ of the scheme are also provided at the payment option page.

This Press Release from Press Information Bureau, Government of India is based on the information given by the Minister of State for Railways Rajen Gohain in a written reply to a question in Lok Sabha (Lower House of Parliament) on 02.08.2017.

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