Archives for May 2017

IRCTC to Enable ‘Buy Now Pay Later’ Feature in Partnership With ePay later

HIGHLIGHTS

• New feature will let customers buy tickets without paying
• Customers will have to make the ticket payment in 14 days
• The feature should be available in the coming days

The Indian Railway Catering and Tourism Corporation, popularly known as IRCTC, soon after adding cash on delivery service for railway tickets, is all set to add another feature for booking tickets. You can soon buy your railway tickets via IRCTC website and pay later, which could reduce the hassle of going through the payment process at the time of booking.

The new IRCTC feature is being enabled in partnership with Mumbai-based ePaylater which is a provider of “Buy now. Pay later” payment solutions, and is targeted at frequent online purchasers with a credit term of 14 days.

ePayLater says that the “Buy Now Pay Later” feature will be available to eligible customers who can book their railway tickets without paying at that moment. Under the new payment solution, customers at IRCTC can make the payment for their tickets within 14 days from the date of transaction.

Talking about the partnership, ePayLater says that it targets to capture at least 5 percent of the 6 lakhs transactions per day in next six months.

The company explains that in order to be applicable for new “Buy Now Pay Later” feature, users will have fill in basic details including Aadhaar and PAN card details after which they will be able to use the feature with a One Time Password (OTP).

Explaining the process, Akshat Saxena, Co-Founder and Head of Business Development – ePaylater says that eligibility of a customer for the new “Buy Now Pay Later” on IRCTC will be checked through old transactions and other factors.

Uday Somyajula, Co-Founder, ePayLater announcing the partnership said, “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.”

ePaylater was founded in December 2015 and is based in Mumbai. The company provides 14 days free credit period strategy within which users can make the payment. ePaylater currently accepts payments online through NEFT. The new IRCTC feature was first reported by BusinessWorld Disrupt.

Source : http://gadgets.ndtv.com

Railway PSU RITES records 18% rise in revenue in FY 2016-17

Press Information Bureau
Government of India
Ministry of Railways

29-May-2017 18:06 IST

Railway PSU RITES records 18% rise in revenue in FY 2016-17

RITES Ltd, under the Ministry of Railways has recorded 18% increase in its total income in FY 2016-17 compared to 2015-16. It has for the first time crossed the Rs. 1500 crores benchmark. Despite severe competition from domestic and foreign consultancy companies, RITES recorded PAT of around Rs.330 crores on a turnover of Rs.1508 crores, according to the provisional results submitted to its Board of Directors.

The company has also issued 2 bonus issues during the year, increasing its paid-up capital from Rs. 100 crores to Rs. 200 crores.

During the year, the company completed the supply of 120 coaches to Bangladesh Railways and has signed two new contracts with Sri Lanka Railways for the supply of Indian Railways produced locos (DLW, Varanasi) and DMU train sets (ICF, Chennai) which will be exported in the coming year by RITES to Sri Lanka Railways.

In India, RITES is also involved in mega transportation projects like dedicated freight corridors, metros, high speed rail studies, logistics parks, rail infrastructure and green energy etc.

With positive scenario for investments in railways and other infrastructure sectors, the company sees high growth in the coming years. In India, RITES is working on two major turnkey projects from the Ministry of Railways, for the third line in Pendra Road- Anuppur section of Bilaspur division of South East Central Railway and Gooty- Dharmavaram doubling works for South Central Railway.

IRCTC – Get Rs.50/- Cashback”, Scan and Pay with mVisa

IRCTC – Visa Scan & Pay offer Terms and Conditions

Special Offer:

1. IRCTC & Visa has introduced a special offer for mVisa (Scan & Pay) transactions Rs.50 off

2. Under this Special Offer, any customer using mVisa (Scan & Pay) option on the IRCTC payment page and using any of the certified banking apps to pay with Visa card shall get Rs.50 Off.

Period: This Special Offer is available for the period from 05 May 2017 – 04 September 2017

Steps to avail the Offer: To avail this special offer the eligible customer shall have to follow the following process:

1. Visit the IRCTC website www.irctc.co.in and select ticket booking option

2. Select mVisa (“Scan & Pay”) option on the payment page and select “Make Payment”

3. A QR Code will be displayed on the screen

4. Customer needs to open any of the certified Apps (List given below) and select mVisa (“Scan & Pay”)

5. Customer selects the Visa Card in the certified app to complete the transaction

6. Post successful transaction PNR will be generated and customers shall receive Rs.50 cash¬back into their respective card accounts within 30 days of successful transaction

7. Any query regarding the cashback will be entertained by IRCTC till 04th September, 2017

Special Conditions:

1. Offer valid only for first 5,00,000 (5 lakh) mVisa transactions done, using Visa cards or 04th September, 2017 whichever is earlier.

2. There is no monthly limit per customer for availing this offer.

3. In the event of any payment/cash back related issues, please reach out to IRCTC at 011¬3934000 or drop their feedback at care@irctc.co.in

General Terms and Conditions:

1. This Special Offer is not redeemable for cash equivalent or any other items/offers.

2. This Special Offer cannot be clubbed with any other facility and/or offer made available at IRCTC.

3. IRCTC reserves the right at any time, without prior notice, without assigning any reason and without any liability whatsoever, to add or vary all or any of the terms and conditions or to replace, wholly or in part this promotional scheme or to withdraw it completely or to change the composition of the Special Offer.

4. For the avoidance of doubt, while Visa has facilitated this Offer for the benefit of Eligible Customer, IRCTC is the sole provider of all goods and/or services i.e. train tickets under this offer. Accordingly, the Eligible customer understands, acknowledges and agrees that the procurement by him/her of any goods and/or services under this Offer shall constitute a contract solely between IRCTC and him/her.

5. Any and all taxes and/or levies applicable in relation to the Special Offer shall be solely borne by the Eligible Customers.

6. The customer agrees to release, indemnify and hold harmless, IRCTC, its respective affiliates, its advertising and promotion agencies, and all of its respective agents, representatives, officers, directors, shareholders and employees from and against any injuries, losses, damages, claims, actions, or any liability of any kind resulting from or arising from your or any third party’s use (or misuse) of the Special Offer.

7. The terms of the Offer shall be construed in accordance with the laws of India and the courts of Mumbai shall have sole and exclusive jurisdiction to adjudicate and/or settle any disputes in connection with the Special Offer.

8. IRCTC reserves the right to forfeit the Special Offer in the event it is found by IRCTC that any information provided by the Eligible Customers is wrong or any misrepresentation is made by them.

9. By utilizing or attempting to utilize any of the goods and services under this Offer, the Eligible customer understands, acknowledges and agrees that:

I. Any claim, complaint or dispute of any nature, including in relation to personal injury, death, false representation, damage or omission, arising out of or in relation to the procurement, or attempted procurement by the Eligible Customer of any goods and/or services under this Offer shall be settled by the Eligible Customer directly with IRCTC, and the Eligible Customer shall not make any Claim against Visa.
II. Any claim, complaint or dispute of any nature arising out of or in relation to the payment, attempted payment, chargeback, cash back or any other payment related issue faced by the Eligible Customer shall be settled by the Eligible Customer directly with IRCTC or the Issuing Bank.
III. Eligible Customer are not bound in any manner to participate in this Offer. Any participation by the Eligible Customer shall be voluntary.

10. This Special Offer is subject to force majeure circumstances i.e. Act of God or any other circumstance beyond the control of IRCTC such as technical failures in the telephone lines, failure of servers or any mistakes arising out of technical snags. By availing this Offer, it shall be construed that the customer has read, understood, accepted and agreed to abide with all the terms and condition stated hereunder.

11. Information about the Offer is correct at the time of publication. Eligible Customer can refer to the latest set of Terms and Conditions as available on IRCTC’s website.

Source : irctc.co.in