Indian Railway Catering and Tourism Corporation (IRCTC) is stepping up its game beyond traditional railway services by exploring fresh business opportunities in emerging technologies such as artificial intelligence and advanced payment systems. According to Sanjay Jain, IRCTC’s spokesperson, the company is keen to leverage its existing digital infrastructure and customer base to expand its offerings.

One of the biggest strides IRCTC is making is in the payments space. The company has received permission from the Reserve Bank of India (RBI) to operate a payment gateway and aggregation services. Taking this forward, IRCTC plans to apply for an RBI-issued Retail Payment System (RVL) license within the next six months. This new license would empower IRCTC to offer its payment services not just internally but also to other government bodies, semi-government institutions, and private sector organizations, thus diversifying its revenue streams.

The move fits well with IRCTC’s broader vision to transform into a technology-driven company. Beyond ticket bookings and catering, IRCTC is actively integrating AI capabilities to enhance customer experience and operational efficiency. One highlight is the recent launch of a conversational voice payment system developed in collaboration with NPCI and CoRover, powered by BharatGPT. This innovation allows customers to effortlessly book train tickets or complete transactions via voice commands or typing their UPI ID or mobile number, creating a frictionless payment journey.

Financially, IRCTC has showcased consistent growth with operational revenue reaching Rs 4,675 crore in the fiscal year 2024-25, marking a 9.73% rise year-over-year. Profit before tax also stood strong at Rs 1,757 crore. This sound financial footing gives IRCTC the muscle to experiment and invest in new technologies and business avenues.

IRCTC’s exploration into AI and payment gateways represents a strategic effort to ride the digital wave sweeping across industries worldwide. By capitalizing on its entrenched user base and trusted brand, the corporation aims to expand beyond transportation into a broader financial technology and digital services provider.

Investors and market watchers will be keeping a close eye on how these initiatives unfold, as IRCTC’s new ventures could significantly impact its future revenue mix and market perception. The company embodies a trend of legacy organizations adapting to the digital ecosystem, transforming challenges into growth opportunities.

In conclusion, IRCTC’s foray into AI and payment services underlines a forward-thinking approach aligned with global technological shifts. As Sanjay Jain points out, these new business avenues could unlock substantial value for both the company and its customers, as the corporation continues to evolve beyond its traditional railway roots.