RAZORPAY TO POWER UPI ON IRCTC

NEW DELHI: Payment solutions company Razorpay has collaborated with Indian Railway Catering and Tourism Corporation (IRCTC) to help customers make online payments on latter's website and mobile app through UPI (Unified Payment Interface).

"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," Razorpay said in a statement.

It added Razorpay's payment gateway is expected to process more than a million transactions a month on IRCTC website and mobile app.

"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," Razorpay CEO and co-founder Harshil Mathur said. 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 per cent.

Razorpay currently powers online payments for more than 65,000 small and large businesses like Goibibo, Yatra, Zomato, Zoho, DSP Blackrock, Zerodha among others. It expects its merchant count to touch two lakh by the end of 2018 and impact 500 million end consumers by 2020. It has clocked in a growth rate of 30-35 per cent month-on-month.