New payment solution allows train passengers to buy tickets now, and pay later
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FinTech company, ePayLater, has partnered with IRCTC to offer a ‘buy now, pay later’ scheme for rail passengers.
Passengers looking to evade tickets has always been an issue for rail companies. Similarly, those who find they have misplaced their travel card or lost their money can often be subjected to some embarrassment. However, Mumbai-based payment processor, ePayLater, has offered a solution that is able to contend with either occurrence swiftly.
The FinTech company has partnered with IRCTC (Indian Railway Catering and Tourism Corporation) to offer commuters in India the next generation of e-payment solutions.
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Should a passenger find themselves short, they now have the ability to buy a ticket on the spot, but pay for it at a later date, which is normally within 14 days, But isn’t such a system open to fraud? Fortunately not,as a number of steps have been taken to ensure that only eligible passengers are able to take part in the program. Co-Founder Akshat Saxena stated the following:
“The eligibility of a customer will be checked through past transaction history, social media and other parameters. The process will work similarly as to giving a person loan. If the individual fails to pay, legal action will be taken,”
Those who are new to the service will need to provide some initial details, such as a PIN number and mobile number. In order to verify identity, the account must also have a PAN or Aadharr card linked so the transaction can be completed. Once all the details are registered, rail travelers can then set up a OTP (one-time password) for all future transactions.
First founded in 2015, ePayLater has raised $2 million to date. IRCTC has also shown a keenness to move India’s rail industry into the 21st century by partnering with a variety of online wallet companies, including MobiKwik and Paytm.
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