wordpress blog stats
Connect with us

Hi, what are you looking for?

, , ,

MobiKwik integrates its payment gateway with IRCTC app

MobiKwik’s payment gateway, Zaakpay, has partnered with IRCTC’s Rail connect app. Through this MobiKwik deal, users pay through channels like Debit card, Credit card, Net Banking, ATM Cards, and Wallets. It is interesting to note that the UPI is not a payment option in this deal. Zaakpay has allowed UPI payments through a separate partnership with ICICI Bank.

Note that MobiKwik’s rival, Paytm and PayU also integrated its payment gateway back in September 2016. Previously, IRCTC had to have individual tie-ups with banks.

The IRCTC deal is significant as it processes a massive number of tickets online. So far, this financial year (FY17, up to June 2017), 17% of total tickets, both reserved and unreserved, were “booked through various cashless modes of payment”. The railways offer multiple modes of cashless payment, including Paytm, Mobikwik, mRupee, IRCTC wallet, Payu, Freecharge, JIO Money, Ola money etc.  IRCTC handles around 650,000 online tickets a day while the IRCTC mobile app handles 100,000 tickets everyday.

MobiKwik says that its payment gateway processes more than 100 million transactions a month and currently powers payments for more than 3,000 e-commerce websites and apps.

Funding

In August, Mobikwik sold 10.83% stake for Rs 225 crores (approximately $35.34 million at current rates) to Bajaj Finance, as a part of a strategic deal between the companies, that would allow it to bring in credit facilities to a wallet business. In August 2016, Net1, a South African payment systems company, invested $40 million in the company. With this deal, the company integrated Net1’s virtual card technology across all its wallets and extend its wallet services to all merchants.

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ