ePayLater to help IRCTC in providing buy now, pay later service

BENGALURU: Mumbai-based fintech company ePayLater has partnered with IRCTC to offer the 'buy now, pay later' service. This will allow eligible customers to purchase railway tickets without making a payment at the time of the transaction. The payment can be done within next 14 days of buying a ticket.

"The eligibility of a customer will be checked through past transaction history, social media and other parameters," said Akshat Saxena, the cofounder of ePayLater. "The process will work similar as to giving a personal loan. If the individual fails to pay, legal action will be taken."

Uday Somyajula, the cofounder of ePayLater, said their primary focus is to leverage data science to solve real life challenges.

"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," he said.

First-time customers will have to provide some basic details like email ID, mobile phone number and also link it to PAN or Aadhaar card to checkout.

The customer can conclude that transaction and subsequent transactions thereafter by providing the one-time password (OTP).IRCTC records almost 6 lakh transactions per day and ePayLater aims to capture 5 per cent of this volume in the next six months.

Founded in 2015 by Saxena, Somyajula and Aurko Bhattacharya, ePayLater has raised $2 million till date.