IRCTC clocked 7027651 transactions in the month of April, 2010 at a success rate of 77.34% (in total, 9086303 transactions were attempted).
Compared to April 2009 data, the total number of attempted transactions increased by 40% and a significant 52% jump in the total number of successful transactions booked online.
Key insights from April 2010 data
- Booking done via Credit Cards : 72.36% conversion rate. Best performer is HDFC Payment gateway (77.05%) followed by ICICI Payment gateway (76.87%)
- Net Banking/Debit Cards : 70% conversion rate, best performer being ABN AMRO, followed by SBI.
- Cash Cards : 85.54% conversion rate. ITZ Cash tops the chart with 85.4% conversion.
We earlier covered the failure rate of IRCTC and one of the readers left an interesting comment:
–
Payment Gateway failure on IRCTC is not to question the ability of the PG infrastructure in the country, but many other aspects that have been overlooked.
> Issuing a credit card or debit cart that works in offline mode and acceptances of same on payment gateways are two different things. The assumption that have a credit card means it will work for online payments is not valid. The audience here may not agree to this as we hold the known – Citi, HDFC, ICICI cards etc.
> Many banks (local, state & national banks) are yet to sign up for 3d authentication; lot many even for provisioning online transactions.
> Having a credit card does not mean it will work on any payment gateways available in India. While the last time I visited on IRCTC website – it offers customer multiple payment gateway options. Unfortunately a normal consumer will not know if his credit card is supported on the gateway he or she has chosen.
> Post 3D secure implementation, the amount of server routes it takes to validate and authenticate any transaction have doubled. Knowing the poor internet connectivity in tier 2 cities and broadband penetration in this country…..
> Little has been done in India to educate credit/debit card holders or netbanking users on how to use the same for online transactions. Issuing banks need to take proactive steps on this.
Knowing such issues, 77% approval rate is a achievement.
–
What’s your opinion?
Download April 2010 data.
Agree with the reasons cited for why the transaction processing success rate is much lower than other countries. However, even if you discount the current 23% failure rate by half for transactions that are attempted using cards which dont work online or are not yet 3D secure…
What about credit and debit cards that are enabled for online payments and their banks are 3D secure? Are we saying the transaction failure rate is different for them? Take a HDFC or ICICI card and try it on 5 different websites, you will find many a times the card fails even on a site using its own payment gateway. This is an opportunity!