Mobiwik Partnered with IRCTC for Online Ticket Booking

India: Under Digital India initiative, Mobiwik has partnered with Indian Railway Catering and Tourism Corporations (IRCTC) for tatkal booking. The Indian online ticketing arm has entered first time into partnership with any independent payment companies to empower e-cash payment.

Tatkal booking, the special service provided by IRCTC for passengers to plan their journey at the last moment is in high-demand which exerts a massive load on IRCTC server’s which sometimes results in payment failure. Mobiwik claims that their payment system has 50% higher success rate and is at least five to ten times faster leading to transaction completion within two seconds.

Mobiwik payment at tatkal will enable customers to use the service hassle free. The service will ensure that customer booking doesn’t get cancelled due to payment delays. To use the service of Mobiwik in tatkal hours customer must preload their wallet with the required amount    using net banking, debit or credit cards.      

TechSci Research depicts that partnering of Mobiwik with IRCTC will enable customers to use the online ticket booking services hassle free. The companies offering mobile wallet services are entering partnership with retail outlets and other companies to power e-cash payments. Mobile wallet market in India is surging on account of growing online transactions, rising trend towards mobile banking, and ease of usage of mobile wallet applications.

According to the recent report published by TechSci Research, “India Mobile Wallet Market Forecast and Opportunities, 2020”, the mobile wallet market in India is forecast to reach US$ 6.6 billion by 2020. Growing awareness regarding the benefits of mobile wallets, rising smartphone and mobile internet penetration rates, and increasing security measures are expected to drive growth in India mobile wallet market. In 2014, Tier-I cities such as Delhi, Mumbai, Kolkata, Bangalore, Pune, etc., registered the highest number of mobile wallet users in the country, while Tier II cities such as Jaipur, Lucknow, Chandigarh, Indore, Patna, etc. are emerging cities in terms of mobile wallet usage. Banking accounted for the largest end user sector in the country’s mobile wallet market in 2014, followed by retail, telecom and transportation sectors. Few of the leading companies operating in India mobile wallet market include One97 Communication Pvt. Ltd., MobiKwik and ItzCash.