Consumers more comfortable using cash card to book rail ticket
When it comes to purchasing railway tickets online, consumers seem to be more comfortable using cash cards that carry a pre-paid amount for completing their transactions, according to an Internet tracking firm.
Unlike debit or credit cards, cash cards does not have any relation to an individual's personal banking accounts. Such cards are considered more safe for online transactions.
The observations about transactions using cash cards are from MediaNama Charts, a site focused on the digital and telecom domain.
"From July, 2008, to August, 2009, the percentage of successful transactions were 24 per cent higher in cash cards than credit/debit cards," according to MediaNama Charts. The observations are based on data from IRCTC, the online passenger reservation system of the Indian Railways.
It also said the highest number of successful transactions via cash cards took place in May and June, 2009.
Cash cards are also most efficient when it comes to refunding money by settling the amounts, with an average waiting period of just one day.
According to experts, over 80 per cent of India's population does not have banking tools for online transactions. The number of debit card holders and credit card holders are 13 per cent and 2 per cent of the population, respectively, and this gap creates an opportunity for alternative instruments like cash cards.
