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ePayLater, India’s first of its kind “Buy Now Pay Later” checkout service, has partnered with IRCTC to offer a quick and completely frictionless payment experience for ticket bookings on IRCTC. Using this payment option, eligible customers can purchase tickets in a single step without having to make a payment at the time of transaction, thus avoiding the usual payment hassles e.g having to enter 16-digit card numbers or having to log in. The customer is allowed to make the payment at a convenient time later within 14 days from the date of transaction.

The company claims that such a payment experience has been made possible using state-of-the-art big data algorithms which help carry out on-the-fly assessment of the fraud and credit risk involved in online transactions.

“We are excited with this development. At ePayLater, it’s been our primary focus to leverage data science to solve real life challenges. Partnering with India’s largest online portal is a strong testimony to our technology and analytics leadership. By providing customers this deferred payment option we not only simplify the checkout experience but also help them manage their short term income-expense mismatches better” says Uday Somyajula, co-founder, ePayLater.

IRCTC records 6 lakh transactions per day on an average with the total number of bookings hitting a whopping 13 lakh figure on peak days. ePayLater aims to capture atleast 5% of this volume in next 6 months.

In order to use the ePayLater option on IRCTC, first time customers are required to provide some basic details on selecting the payment option at checkout. If eligible, the customer can conclude that transaction and every subsequent transaction thereafter through a single click by just providing the One Time Password (OTP).

“85% of our customers tend to make repeat purchases using ePayLater, thereby establishing the use case for convenience. Further, by eliminating the dependencies on third party payment provider such as payment gateways, banks etc at the point of transaction we are able to deliver unmatched transaction success rates especially in peak load conditions. This makes the use case even stronger on IRCTC and hence we expect to see similar, if not better, repeat behaviour on IRCTC” added Aurko Bhattacharya, co founder.

“We are hopeful that this partnership, by virtue of the scale that only IRCTC can boast of, will help us deepen the roots of financial inclusion in the country. Further, on account of the benefits that this product offers to the customers, we also hope to see a higher uptake of e-ticketing with this initiative thereby increasing the adoption of digital payments over cash” says Akshat Saxena, co founder and Head of Business Development.

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