Jupiter to me, is a product that helps me to save money. It brings more of savings solutions, in addition to spending solutions. While other market players focus more on making the customer spend, I see jupiter to help me in savings and plan my future ahead.
For such a population, if there is an option between booking a flight ticket and a train ticket, definitely the first choice would be a train ticket. Thus I feel there can be a product collaboration between IRCTC E Connect and Jupiter money where the target customer cohort of jupiter.
a) can get jewles on their bookings (specifically for sleeper class & 3rd AC)
b) can get access to the AC lounge( almost available in all station for 10 Rs per hour)
Currently HDFC and SBI are partnering with IRCTC for offers on their credit card products, but I still feel its not addressing the common man who wishes to “SAVE” rather than “SPEND”
All companies (including Jupiter) make you spend, without which they would not make money and turn profitable; and that’s because they are not running an NGO.
Even if you have an FD/pots, they have a piece in your Savings.
That’s how all banks work.
Did you mean extra jewels on booking through IRCTC? Because I believe if you use your Jupiter debit card, then you should already get jewels for that transaction.
Lounge access may not be feasible financially for the bank, if you consider this being a zero balance a/c.
I am not sure if it’s ₹10/hr, coz I have seen the charges being 250 for 2 hrs.
For ticket booking transactions, UPI charges are rs10+GST and for debit card rs15+GST. You have to make at least rs500 for compensation of that extra rs5. So, generally we don’t use debit card for IRCTC bookings.
And the last time I transacted, there was a 1% surcharge on booking through Debit Cards which except Rupay. (This can change, but as I said, the last time I booked, every payment gateway had a surcharge. So I ended up paying more than I saved.)
UPI makes the most sense for railway ticket booking.
Edit: Just checked, Charges on UPI : ₹20+GST
Charges on other payment methods : ₹30+GST
Then the payment gateway charges the 1% if, in Jupiter’s case, Visa card is used.