§ Bets big on ‘Bharat Bill Payments System’ and aims to cross Rs. 15000 crore of gross payment volume in bill payments in FY16-17
§ Boasts of a strong user base of 40 million customers
§ Expects to generate Rs. 270 crore in revenues in FY16-17
April 19 2016, 18.31 PM IST || Pocket News Alert
Mumbai, 19 April 2016: ItzCash, India’s pioneer and the largest player in the digital payments space today announced that it has crossed a whopping Rs. 50,000 crore worth of cumulative gross payment volume for all bill payments done by the company for the period 2006 to 2016. The company which today boasts of a strong customer base of more than 40 million customers across the country is all set to cross Rs. 15000 crore in the current year of FY 16-17
ItzCash crosses Rs. 50,000 crore worth of Bill Payments
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.
Mr. Naveen Surya - Chairman - Payment Council of India & MD – ItzCash, said “India is eventually gaining a strong foothold on the digital stage and this is getting bigger by the day. While the ‘Digital India’ campaign provided a broader vision, the BBPS, and the UPI initiatives have brought in a fresh momentum to the entire agenda for less cash India.”
“BBPS is a very ambitious platform and is capable of playing the game changer by interconnecting existing networks and being the one-stop-shop for all the bill generators thereby building a more concrete online payment infrastructure. With the initial phase of the platform focused on the utility bills segment we expect to penetrate deeper within our target markets.” he further added.
Currently West & Northern regions contribute to approximately 50% of the company’s revenue. One of the front-runners in applying for BBPS, ItzCash bets big on the ‘anytime anywhere’ bill payment concept and aims a 40-50% growth in its overall revenue growth in the next three years, once the integrated platform goes live
In 2013, RBI had estimated that around 3,080 crore bills were generated amounting to Rs 6,20,000 crore in the top 20 cities. This is expected to rise to Rs 9,30,000 crore by 2019, and BBPS will be one big leap.
With the digitization deadline for the 4th and the final phase soon approaching on 31st December 2016 the DTH players are eyeing a lion’s share as the fragmented market will not be profitable for cable operators. This inherently is expected to spell a diverse lead for the players in the digital payment space who will be its direct benefactors. ItzCash which derives 25% of its income from the telecom and DTH businesses put together is planning to garner approximately 20% of market share from the segment after BBPS goes live.
ItzCash has already lion’s share in utility bill payments with most of the utility bill players like Reliance Energy, BSES, MCD, Manipur State Electricity, Assam State Electricity etc with 15-20% market share of their digital bill payment collection.
ItzCash has adopted an aggressive omni-channel, omni-product strategy catering to the mass middle income segment of the customer pyramid. The company caters to mu ltiple consumer segments including ‘unbanked’ and ‘under-banked’ population of the country who has a bank account but would have not utilized the same for several reasons. The company thus envisions providing the conveniences of digitized payment transactions to as many people as possible across consumer segments.
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 payment solutions 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 while continuing to provide robust technology driven service delivery platforms. It has many pioneering products under it’s belt from country’s first sms based payments way back in 2006 to India’s first bank partnered open loop prepaid program with access to online as well as offline retailers and ATM, India’s first NFC based programs for government departments as well consumers. It constantly invests in upgrading technology towards creating world‐class payments solutions architecture of the future.
ItzCash has more than 10000 merchants and spread across more than 3,000 locations including cities, towns and rural India. ItzCash has over 75000 ItzCash franchisees branded as “ItzCash World” in 3000+ Tier I and II cities and towns.
For further details, visit www.itzcash.com