IRCTC Payments Limited, a fully owned arm of Indian Railway Catering and Tourism Corporation (IRCTC), has received in-principle approval from the Reserve Bank of India (RBI) to work as an online payment aggregator.
This approval, given in a letter dated August 4, 2025, was shared publicly through a stock exchange filing. It marks a major move for IRCTC as it looks to enter the fast-growing digital payments market.
IRCTC as Payment Aggregator
IRCTC Payments was formed in February 2024, with the aim of becoming a key player in digital transactions. The company first applied for RBI’s approval in December 2024 and later submitted more details as requested by the regulator.
While this is not the final approval, the current authorisation is a positive first step. The company must now meet specific conditions before receiving the final go-ahead—something IRCTC estimates could take up to a year.
Strengthening i-Pay Platform
IRCTC Payments already runs IRCTC i-Pay, a payment platform that supports internet banking, UPI, debit and credit cards, wallets, and autopay. It also offers prepaid options like gift cards and is a Bharat Bill Payment Operating Unit.
In the 2024 financial year, i-Pay earned Rs 114.54 crore in revenue, up by 19.33% from the previous year. This growth highlights the strong potential of IRCTC’s digital payment services.
Serving Public & Private
The company plans to offer its services to both government and private-sector organisations, helping them with secure and seamless digital transactions. It’s also building tools and software to support e-commerce payments.
According to IRCTC, this development will help turn IRCTC Payments into a full-fledged technology-based financial services provider for a wide range of clients.
Payment Aggregators in India
Payment aggregators act as a bridge between customers and businesses by processing online payments. They collect money from buyers and pass it on to sellers, making online purchases smooth and secure.
In India, payment aggregators must be licensed by the RBI under the Payment and Settlement Systems Act, 2007. Companies like Razorpay, PayU, and now IRCTC Payments are part of this growing industry that supports India’s digital economy.
