Payment solutions provider ItzCash Card has received an in-principle approval from the Reserve Bank of India (RBI) to set up an operating unit under Bharat Bill Payments System (BBPS).
ItzCash has a distribution network of more than 75,000 franchise outlets and customer base of over 35 million in India. It is anticipating to generate INR2.7bn ($40m) in revenues in the current fiscal.
BBPS is an integrated bill payment system that will offer interoperable bill payment service to customers online and through a network of agents on the ground. It will cover repetitive payments for everyday utility services such as electricity, water, gas, telephone and Direct-to-Home (DTH).
ItzCash managing director Naveen Surya 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.
"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."