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IRCTC Does $102 Million In Online Transactions In August; Payment Trends; HDFC, ICICI, Cash Cards Significant

The Indian Railway Catering & Tourism Corporation (IRCTC), which manages the online rail ticketing for the Indian Railways, handled around $102 Million (Rs. 453.51 crores) of online transactions in August 2008, up 4.87 percent from $97.73 Million (Rs. 432.44 crores) in July. What is particularly surprising - shocking, in fact - is that around 30 percent of this amount is refunded/transactions are unsuccessful - $31.75 Million (Rs. 140.5 crores) in August, and $29 Million (Rs. 132 crores) in July. Other trends -- The average transaction amount (view) is Rs. 931. For Credit Cards, it is Rs. 1027; Rs. 820 for Netbanking; the average for Cash Card transactions varies between 889 and 926. -- Credit Cards account for 41 percent of successful transactions, Netbanking 31 percent, and Cash Cards 26 percent -- Banks account for 76 percent of total transactions, 72 percent of amount transacted -- Around 29 percent of transactions are unsuccessful -- Net Banking is the least successful transaction method - with 32-35 percent failure rate -- On an average, the Rupee amount for unsuccessful transactions is higher than that of successful transactions -- The average time taken for a refund - 2.68 days in August, 2.58 days in July (note: data for some gateways not available) More Cash Card Trends And Charts for ICICI Bank, HDFC Bank, SBI, ITZ Cash Card and Done Card - ICICI Bank ICICI Bank accounts for the largest number of IRCTC transactions - 15,12,500 transactions in August and 14,02,918 in July. It accounted…

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