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.

You May Also Like

News

MobiKwik’s net revenues grew by 134% to ₹379 crore at the end of FY20 from ₹162 crore on the back of higher revenue from...

News

While traditional lenders have historically ignored small businesses, merchants and some customer segments, payment players have banked on the swaths of data they have...

News

The first few days of this year were rife with speculation that Alibaba founder Jack Ma had disappeared. But the fintech tycoon remains elusive,...

News

In a first for India’s fintech industry, U GRO Capital has filed a patent application with the Indian Patent Office for its score-card based...

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

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ