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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 accounts for the largest number of IRCTC transactions – 15,12,500 transactions in August and 14,02,918 in July. It accounted for 31.1% of successful transactions in in July, 32% in August. In Rupee terms, transactions via ICICI Bank were on an average Rs. 947.35 in August, and Rs. 932.35 in July. Transactions through ICICI Bank contributed 37.29% in July, 38% in August to IRCTC revenues.

HDFC Bank gateways accounted for 15.27% of successful transactions in July, 13.29% in August. In Rupee terms, it contributed 15.4% in July, 13.82% in August. August saw a significant decline in the transactions made successfully by HDFC Bank customers – by around 8.7 percent.

State Bank of India
SBI is India’s largest bank, and yet, SBI gateways – NetBanking, Debit Card and “SBI Associates” – accounted for only 8.55% of successful transactions in July, 9.83% in August. In Rupee terms, they contributed only 7.6% in July and 8.59% in August. More details in our chart here.

Cash Cards
Cash Card transactions have the highest success rate – 82 percent of transactions in July 2008 were successful, while 85 percent were sucessful in August. They account for around 22 percent of total transactions, and at least 25 percent of amount transacted. Cash Card transactions dropped marginally (4.7 percent) in August, as compared to July.

ITZ Cash Card and Done Card are comparable, while Trans I Card is fairly small. ITZ Cash Card accounted for around Rs. 44 Crores of transactions in July, and Rs. 41.6 crores in August, contributing 14.71% and 13.31% to total successful transactions in July and August respectively. Done was smaller, but close – accounting for Rs. 33 Crores in July and Rs. 34 Crores in August – 11% and 10.89 percent of total amount transacted successfully.

Analyze This
What’s your take on the data? Download the details for August and September, and tell us what you make of it. We’ll add your comments to this post.

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Charts & Downloads:

  • Payment Trends Overview – July (view) August (view) Overall (view)
  • Average Amount Transacted (view)
  • Specific Payment Gateways
    • ICICI Bank (view)
    • HDFC Bank (view)
    • State Bank of India (view)
    • ITZ Cash Card (view)
    • Done Cash Card (view)
  • IRCTC August Payment Numbers for July 2008 (MS Excel File)
  • IRCTC August Payment Numbers for August 2008 (MS Excel File)

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