The Indian Railways Catering and Tourism Corporation (IRCTC) through a press release on Wednesday announced that they have partnered with AI-driven financial wellness platform CASHe to offer a Travel Now Pay Later (TNPL) payment option on its app IRCTC Rail Connect.
Now, passengers using the Indian Railway will be able to reserve their rail tickets and pay for them later using affordable EMIs that will last between three or six months. This partnership will also make purchasing tickets easier for Millions of travelers in the country.
The press release stated, “The EMI payment option will be available on IRCTC travel app's checkout page for passengers booking their reserved and tatkal tickets. CASHe's TNPL EMI payment option offers a seamless user experience by automatically qualifying all users to avail the TNPL facility without any documentation.”
On a daily basis more than 15 lakh tickets are booked through the IRCTC website and app, with this new facility the number of tickets booked are bound to increase.
What is Travel Now Pay Later?
TNPL is a scheme where you can purchase a ticket today and pay for it later or through EMI. This is more like a loan or credit that you will take while booking or taking a trip and push the payment for the same. You can choose to pay partially or not pay at all or even opt for EMIs or pay an interest rate on the total amount depending on the funds and duration for which you take the loan.
How will it TNPL work?
When you book your tickets CASHe will pay for the tickets after which the company will collect money from you after a set number of days. You will not have to pay any additional charges for this. the company is also offering EMI facility to repay your train ticket fare in installments.
