IRCTC has come up with the internet wallet cum Visa powered prepaid card through which customers can buy train tickets, tourism products, air tickets, other online merchandises and services as well as do peer to peer money transfers.
New Delhi, August 3, 2019: India is expected to clock the fastest growth in digital payments transaction value between 2019-2023 with a compound annual growth of 20.2% according to a recent Assocham-PWC India study. The Indian Railways in a step further towards promoting the digital payment initiatives of the Central Government announced the launch of its first prepaid card cum wallet – iMudra through IRCTC.
IRCTC which is already managing the e-ticketing services of Indian Railways on www.irctc.co.in, has come up with this internet wallet cum Visa powered prepaid card in association with Federal Bank Ltd. and MatchMove India. The project has been conceived and launched in accordance with the RBI’s Master directions on Prepaid Payments Instruments (PPI).
The iMudraVisa prepaid card will reside in the IRCTC iMudra digital wallet in virtual form through which customers can buy train tickets, tourism products, air tickets, other online merchandises and services as well as do peer to peer money transfers. The iMudra Visa prepaid virtual card will also be offered to customers in physical form on demand so that the customers can use the physical cards in various merchant outlets as well as for withdrawing cash present in the wallet. The customers will also be the option to have enhanced spending, cash transfer and receiving limits by completing their full KYC verification.
To begin with, IRCTC has come with the Android version of iMudra App available for free download from Google Play Store. IRCTC will soon also launch the iOS version of iMudra App for download from iOS Store.
For enhancing the customer experience further, IRCTC, in association with industry players, is bringing a host of offers for online purchases and transactions.
Through this new initiative, iMudra Visa prepaid card promises to go well beyond the well-established railway ticketing, tourism and catering business of IRCTC and provide financial inclusion to over 7 crore customers registered with the company for travel and tourism services.
IRCTC iMudra is well poised to play a powerful role in enabling the Digital India vision.