wordpress blog stats
Connect with us

Hi, what are you looking for?

, , ,

Razorpay brings UPI integration to IRCTC website and app

Razorpay

Payments company Razorpay has partnered with the Indian Railway Catering and Tourism Corporation (IRCTC) to help customers book train and flight tickets through UPI, in addition to other payment modes like net banking, wallets and credit/debit cards.

The Economic Times reported that through this partnership, Razorpay expects to process more than a million transactions a month on IRCTC website and mobile app.

Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay is an online payment gateway which allows Indian businesses to collect payments online through credit card, debit card, net banking and wallets like JioMoney, Mobikwik, PayUmoney, Airtel Money, FreeCharge, Ola Money and PayZapp.

The company claims that it has clocked a growth of 40-50% month-on-month in one year and said that it expects 10x growth in volume & revenue by the next fiscal year. In terms of users, the company expects to have 500 million end consumers by 2020. It said in its blog that the company is seeing growth from conventionally cash-heavy industries, like logistics, travel, consumer electronics, financial services and education etc.

Razorpay funding

In January, Razorpay had raised Series B funding of $20 million led by its existing investors Tiger Global and Y Combinator, along with participation from Matrix Partners. At that time, the company had said it will use the funds to expand its reach into new markets and verticals.

Advertisement. Scroll to continue reading.

Before that in July 2016, Mastercard made an undisclosed investment in the company. As a part of the investment, Razorpay said it would expand internationally to countries such as Indonesia, Philippines, Malaysia, Myanmar, Saudi Arabia and UAE, and MasterCard will be helping the company with partnerships with local banks. Prior to that, it had raised Series A funding worth $9 million led by Tiger Global and participation from Matrix Partners, in 2015. At the same time, it had secured seed funding of $2.5 million from 33 investors including  Y Combinator, Kunal Bahl & Rohit Bansal (Snapdeal founders), Punit Soni (ex-Flipkart CPO),  Amit Gupta & Naveen Tewari (Inmobi founders), Kunal Shah & Sandeep Tandon (Freecharge founders).

The competition

In October 2017, MobiKwik’s payment gateway, Zaakpay, partnered with IRCTC’s Rail connect app. The MobiKwik deal allowed users pay through channels like debit card, credit card, net banking, ATM cards, and mobile wallets. But it did not include UPI as a payment option. This was despite Zaakpay having allowed UPI payments through a separate partnership with ICICI Bank.

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

Written By

Writes about consumer technology, social media, digital services and tech policy. Is a gadget freak, gamer and Star Wars nerd.

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

Views

News

India and US come to terms on how to deal with the equalisation levy in light of the impending Global Tax Deal.

News

Find out how people’s health data is understood to have value and who can benefit from that value.

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

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.

You May Also Like

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...

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

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...

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