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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. 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…

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