IRCTC’s Own Payment Gateway: iPay Will Launch In August; This Is How It Will Help You
iPay will help passengers in several ways
Now, no longer your bank’s net-banking or mobile wallets like Paytm would be required for online booking of your train tickets.
Because iPay, Indian Rail’s own payment gateway is launching in the month of August.
Are you wondering how it will help you? Keep reading to find out!
iPay Is Launching in August!
IRCTC has announced that their payment gateway: iPay is all set to be launched in the month of August this year.
In a tweet, IRCTC informed that they have received the PCI-DSS security certificate, which is mandated certification from Payment Card Industry Security Standards Council for any digital payment provider.
Now, as the certification has been received, IRCTC would be able to offer cashless payment services such as Credit Card, Debit Card, International Card, Auto Debit, UPI, Wallets.
IRCTC’s own payment Agreegator IRCTC-iPay will be available on https://t.co/K9ZxE5Qlmj by Aug-18 as PCI-DSS security certificate has been granted to IRCTC. IRCTC iPay provides all payment options like Credit Card, Debit Card, International Card, Auto Debit, UPI, Wallets etc. pic.twitter.com/yChPOsoH2l
— IRCTC (@IRCTCofficial) June 19, 2018
Now, the question is, how this new payment method will help you as a passenger?
First and foremost, using iPay will make the refund process of cancelled tickets seamless, and fast.
Right now, as 3rd party payment platforms are used, the refund takes 5-7 days at the minimum. With iPay, it is expected that the payment refund process will speed up.
Besides, making payment with iPay would be faster; and this factor will be immensely useful while generating time-sensitive tatkal tickets. As per one Railway official, iPay would be directly integrated with the banks, which will make the refund process easier.
Passengers can simply top-up their wallet via iPay, and then make the payment using single click.
As we had shared earlier, introduction of iPay spells danger for existing wallets such as Paytm and Mobikwik through which tickets can be booked right now on IRCTC website.
Besides, there are only 6 banks whose debit card are allowed to make a payment on IRCTC website: State Bank of India, Indian Overseas Bank, Canara Bank, HDFC Bank, Axis Bank, and United Bank of India
With the introduction of iPay, customers of other banks would be able to make seamless payments.
As of now, IRCTC generates close to Rs 1 crore as licensing fees from these wallets, and once iPay is introduced, the usage of these wallets would become redundant.
Close to 3 lakh tickets are booked daily on IRCTC website, and in the coming days, we can witness some major changes in the online payment space.
We will keep you updated as receive more updates.