ItzCash Bags BBPS License from RBI; Aims to Ride High on ‘FinServ Convergence’

• Aims to leverage the BBPS platform to cross Rs. 15000 crore of gross payment volume in FY16-17

• Boasts of a strong user base of 35 million customers

• Expects to generate Rs. 270 crore in revenues in FY16-17
   

ItzCash Card Ltd. India’s largest and only Multi Service Payment Solutions Company in the digital payment space, today said that it has received an in-principle approval from the RBI to operate as a Bharat Bill Payments Operating Unit (BBPOU). For the company which has meticulously narrated the finserv convergence story for the country, BBPS comes in as a strong threshold to drive the mandate with a new vigor. 

ItzCash has clocked in the country’s highest volume transactions in the utility bill payments space at Rs. 6,000 crore for the current year of 2015-16. The company which has the largest distribution network for financial services with more than 75000 franchise outlets across the country is expecting to generate Rs 270 crores in revenues in the current fiscal.

ItzCash made a series of strategic partnership announcements, to foster growth across emerging business and a rapidly evolving digital eco-system. Bagging the license to operate as a BBPOU comes in as a fresh opportunity to reiterate its presence in the bill payments industry. BBPS has been proposed as an integrated system that will provide 'anytime anywhere' payment options to customers by pulling all bills and payment options onto a single platform.

In-principle approvals to operate as a BBPOU are conveyed where the applicants meet all eligibility requirements including existing net worth, and requisite billing experience as covered under the present scope of Bharat Bill Payments System.

The platform is all set to revolutionise the payments infrastructure of the economy and ItzCash which today boasts of a well entrenched retail presence of more than 75,000 franchise outlets across the country is well poised to play a lead role in the revolution. Having crossed a whopping Rs. 50,000 crore worth of cumulative gross payment volume for all bill payments done till date, the company today boasts of a strong customer base of more than 35 million customers across the country and is all set to cross Rs. 15000 crore in the current year of FY 16-17.

The Bharat Bill Payment System (BBPS) is an integrated bill payment system which offers interoperable bill payment services to customers, both online as well as through a network of physical agents. The system provides multiple payment modes and instant confirmation of payment.

Commenting on the approval from RBI Mr. Naveen Surya- MD, ItzCash said ‘’In sync with the ‘Digital India’ mandate, the current thrust on revolutionising the country’s digital ecosystem is firmly gaining ground and the BBPS is an excellent platform which has come in timely to capture the country’s new  e-dream."

In the wake of convergence evolving in the industry rapidly, BBPS will usher in a new wave of digital network that will eventually enable all the payments converged on a single platform.

“The platform will not just simplify the entire payments system but will enhance the convenience factor significantly giving a new face-lift to the entire system accelerating the macro agenda of India going digital. We have already grossed the highest industry numbers in the utility bill payments segment and with BBPS coming in we look forward to making it even bigger.’’ he further added.

The company recently announced strategic partnerships across sectors which included OYO, DHFL Pramerica, Ditto TV among others.

About ItzCash

ItzCash Card Ltd., India’s only “Multi Service Payment Solutions Company” and part of the Essel Group, was established in 2006. A pioneer in the prepaid payment sector in India, ItzCash initiated the concept of ‘digital cash’ to the Indian consumer and various business entities, heralding the beginning towards enabling a cashless transacting society. ItzCash continues to build on its innovation augmenting its product portfolio offering wide choice of payments and money transfer service having issued 110 million accounts till date. It constantly invests in upgrading technology towards creating world‐class omni-channel payments platforms for the emerging India. ItzCash has presence across consumer segments serving 35 million consumers annually and over 75,000 franchisees branded as “ItzCash World” in 3000+ Tier I and II cities and towns. It is backed by world’s leading investors Matrix Partners, Lightspeed Venture and Intel Capital. 

For further details, visit www.itzcash.com