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.