ItzCash crosses Rs 50,000 crore worth of bill payments
ItzCash, India’s leading player in the digital payments space has announced 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.
Zee Media Bureau
New Delhi: ItzCash, India’s leading player in the digital payments space has announced 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 now boasts of a strong customer base of more than 40 million customers across the country is all set to cross Rs 15,000 crore in the current year of FY 16-17
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 percent 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 percent 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 percent of its income from the telecom and DTH businesses put together is planning to garner approximately 20 percent 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 percent market share of their digital bill payment collection.