ePayLater will help IRCTC customers buy tickets now, pay for them later

ePayLater, a fintech company based in Mumbai has reportedly partnered with the IRCTC. The move will bring to IRCTC customers a handy, new ‘buy now, pay later’ service that will allow customers to purchase tickets without actually paying for them at the time of the transaction.

Stuck with buying train tickets when planning a vacation because the month-end is here? Well ePayLater’s ‘buy now, pay later’ feature could save your vacation. The handy feature lets you buy railway tickets using a loaded ewallet and will give you 14 days to time to pay them back the money you borrowed for the same.

According to a report by The Economic Times, there will be an eligibility process in place. The customer’s past transaction history will be taken into account along with his/her social media pages and some “other parameters” to check if they were eligible to qualify for the ePayLater service.

According to the co-founder, the process to become eligible for such an account is similar to that of applying for a personal loan. If the individual fails to pay the amount within 14 days, legal action will be taken.

Speaking to ET, co-founder Uday Somyajula said that the primary focus was to “leverage data science to solve real life challenges.”

And as with every other loan-based system in existence, customers will have to provide accurate basic details. This would include name,  email ID, mobile phone number, PAN or Aadhaar card.

Once a customer has been approved to use the ePayLater feature, they will be provided with one-time passwords (OTP) to ensure that all payments are approved by them.