CASHe Partners with IRCTC to Launch ‘Travel Now Pay Later’ (TNPL) facility in Karnataka

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Bengaluru, 18 October 2022: India’s leading credit-led, AI-driven financial wellness platform, CASHe, today announced that it has partnered with Indian Railways Catering and Tourism Corporation (IRCTC), India’s largest e-commerce player, to provide a Travel Now Pay Later (TNPL) payment option on its travel app, IRCTC Rail Connect. This will enable travellers of Indian Railways from Karnataka to book their rail tickets instantly and pay for it later in pocket-friendly EMIs, ranging from three to six months.  According to an analysis of borrowing and spending patterns of CASHe’s consumers, Karnataka is amongst the top ten states availing credit to finance travel needs. Out of the total borrowings from Karnataka, a significant share contribute to travel loans, added the analysis.

With CASHe’s TNPL payment option, booking and paying for rail tickets on the IRCTC travel app will now be easier and hassle-free for millions of Indian Railway passengers. 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.

IRCTC is a subsidiary of the Indian Railways that handles catering, tourism, and online ticketing operations. The IRCTC travel app has over 90 million downloads and powers over 1.5 million railway ticket bookings per day.  

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“Commenting on the tie-up, Mr. V. Raman Kumar, Founder Chairman, CASHe, said, “This is India’s biggest travel now pay later embedded EMI payment journey with IRCTC of its kind. I am delighted to say that our association with IRCTC is another step to reach out and accelerate digitised EMI payments in the country. This partnership will also tremendously aid CASHe to reach out to the millions of IRCTC’s customers and provide them with a never-before and convenient option to travel now and pay for their rail tickets later in easy EMIs. The travel now and pay later as segment has seen remarkable growth and the message from the travellers is clear – they want the choice to pay for their trips in instalments. With CASHe’s travel now pay later, we will significantly enhance the payment convenience and flexibility for IRCTC’s customers at checkout, thereby improving customer experience.”

CASHe’s unique proposition lies in its proprietary AI-based algorithm platform – Social Loan Quotient (SLQ). SLQ assesses the risk of a borrower based on the user’s social and mobile data footprints thereby providing credit to those that don’t qualify for credit from conventional lending. Besides offering faster credit decisions, SLQ has enabled CASHe to seamlessly capture untapped markets among the financially excluded sections of society. Its affordable interest rates, instant processing and flexible repayment options makes it India’s most preferred digital credit platform.

About CASHe:

Headquartered in Mumbai, CASHe is one of India’s leading AI-based, credit-led financial wellness platform focused on making financial inclusion possible by serving the underserved digital customers in India. The company is driven by its laser focus to unlock opportunities for the millennial and Gen Z population by making financial inclusion and accessibility possible using its cutting-edge algorithms and AI and ML-based credit decisioning model called the Social Loan Quotient (SLQ). Since its launch in 2016, CASHe has registered over 24 million app downloads on the app store and has disbursed loans worth Rs 5,200 crores to over 5 lakh customers. Its affordable interest rates, instant processing, and flexible repayment options make it India’s most preferred digital credit platform. Over the past year, CASHe has constantly introduced new product offerings and services in line with increasing consumer demands and has successfully transformed itself into a full-fledged financial services platform that offers its customers credit, investment, insurance, and EMI shopping.

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