Multiple payment solutions firm ItzCash Card is eyeing business transactions worth Rs 15,000 crore this fiscal, pinning its hopes on leveraging the Bharat Bill Payment System (BBPS).
The firm has already secured in-principle approval from RBI to become a Bharat Bill Payments Operating Unit (BBPOU) to facilitate users in paying their utility bills from a single platform under BBPS.
“The company aims to leverage the BBPS platform to cross Rs 15,000 crore of gross payment volume in 2016-17,” ItzCash said in a release today.
“The company which has the largest distribution network for financial services with more than 75,000 franchise outlets across the country is expecting to generate Rs 270 crore in revenues in the current fiscal,” ItzCash said.
BBPS is an integrated bill payment system across the country. It has an interoperable and accessible bill payment layer through a network of agents, enabling multiple payment modes and provides instant confirmation of receipt of payment.
Hopeful of a lead role, it sees the platform under BBPS revolutionising the payment infrastructure of the economy.
In 2015-16, the company claimed that it clocked the highest volume transactions worth Rs 6,000 crore in the utility bill payment space.
It has crossed Rs 50,000 crore worth of cumulative gross payment volume for all bill payments till date. The Essel Group firm was formed in 2006.
ItzCash also claimed that it has a strong customer base of more than 35 million customers across the country.
“The platform will not just simplify the entire payment 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”, ItzCash MD Naveen Surya said in a statement.
Recently ItzCash had announced strategic partnerships across sectors, including OYO, DHFL Pramerica and Ditto TV.