A scheme of booking e-ticket online and making payment after 15 days through ‘ePaylater’ powered by M/s Arthashastra Fintech Pvt. Ltd., as pilot project, has been introduced by Indian Railway Catering and Tourism Corporation Ltd. (IRCTC). Under this scheme, a customer has the option to pay after 15 days of booking an e-ticket through IRCTC website. The service charge levied on using ‘ePaylater’ scheme is 3.50% of transaction amount and applicable taxes. Online ticketing through IRCTC website is gaining popularity and its share vis-à- vis counter tickets is increasing. Further, online ticket booking is also being promoted as a cashless mode of transaction.
ePaylater as a payment option is displayed at the payment page of IRCTC website to make people aware about the availability of this payment method. Details about its service charge and ‘Terms & Conditions’ of the scheme are also provided at the payment option page.
Founded in December 2015 and based in Mumbai, ePayLater is a digital payment solution offered by Arthashastra Fintech Pvt. Ltd. that enables a “Buy Now, Pay Later” product for frequent online purchasers with an interest free credit term of 14 days. Arthashastra Fintech is recognized as a startup by the ‘Department of Industrial Policy and Promotion’ of the Government of India’s Ministry of Commerce.