ItzCash, India’s largest digital payments company today announced that it has partnered with RBL Bank to launch the country’s first co-branded ‘Rupay Platinum Prepaid Card’
The multi-purpose prepaid wallet powered by the homegrown digital payments facilitator RuPay, will roll out a suite of prepaid services across physical and virtual platforms. Offering a compelling alternative to cash transactions the instrument is well poised to service general spend, online shopping, In-App payments, ATM cash out, gift giving and corporate rewards among others.
The Rupay prepaid wallet will be available across ItzCash’s digital and physical network World, and after completing a one-time registration providing ease of operations to make purchases in stores, pay bills, book tickets online, as well as withdraw cash at any ATM that accepts RuPay. Targeting the homemakers, small business communities and merchants among others the product will provide an excellent digitally equipped platform to avail prepaid services without any adherence to a bank account.
Mr. Naveen Surya, Managing Director - ItzCash, said “We firmly believe in the ‘one size does not fit all’ phenomenon and hence are the only player with an equally strong presence across platforms and mediums then may it be physical or digital. Apart from being India’s first RuPay platinum prepaid card the service will ensure seamless interoperability, access to a large captive customer base to unlocking multiple solutions and thus driving the prepaid program of the country.”
A conducive infrastructure, supportive regulations such as BBPS, UPI and relaxation of KYC norms among others and the emergence of a host of next-gen service providers have retracted focus on the country’s digital mandate driving the disruption trajectory further. The latest BCG-Google report on ‘Digital Payments 2020’ cited that India has witnessed significant payments activity in the last 3-4 years with pre-paid instruments transactions galloping almost 2X of m-Banking transactions.
Mr. Rajeev Ahuja, Head Strategy - RBL Bank, said “In the wake of a huge potential to be unlocked in the Indian prepaid card market we are extremely bullish on our association with ItzCash to have a substantial imprint on the country’s digital evolution roadmap. Our partnership will not only enable us to offer tailored payment solutions but will also optimize our service offerings while delivering a high quality end user experience.”
ItzCash which most recently bagged the BBPS license 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 today boasts of a strong customer base of more than 40 million across the country and is all set to cross Rs. 15000 crore of payments in the current year of FY 16-17. ItzCash 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.
Contributed | what does this mean?