Essel Group-owned payments company ItzCash has said that it has crossed Rs 6,000 crore volume transactions in the utility bill payments space in 2015-16. Cumulatively, ItzCash has process bill payment transactions worth Rs 50,000 crore till date from when it started operations in 2006.
Of the bills worth Rs 50,000 crore processed, ItzCash says that 45% of them were for utilities and 55% of them were DTH and telecom bills. The company expects to process bills worth Rs 15,000 crore in the current fiscal year and expects a revenue of Rs 270 crore.
The company also added that 25% of its income comes from the telecom and DTH businesses and that currently West & Northern regions contribute to approximately 50% of the company’s revenue.
ItzCash said it will be one of the early adopters of the Bharat Bill Payment System (BBPS), a unified bill payment system for India. The BBPS intends to offer an interoperable and accessible bill payment services to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment. More on that here.
ItzCash has more than 40 million customers and 10,000 merchants and spread across more than 3,000 locations. ItzCash has over 75000 ItzCash franchisees branded as “ItzCash World” in 3000+ Tier I and II cities and towns.
It’s also worth noting that ItzCash has been successful with government agencies for payments simpler. For example, in 2008, Itz Cash’s prepaid cards accounted for around Rs. 44 Crores of transactions in July 2008, and Rs. 41.6 crores in August 2008, contributing 14.71% and 13.31% to total successful transactions in July and August respectively on IRCTC’s website. IRCTC handled around $102 Million (Rs. 453.51 crores) of online transactions in August 2008 and $97.73 Million (Rs. 432.44 crores) in July 2008. What was surprising is that around 30% of this amount was refunded/transactions were unsuccessful – $31.75 Million (Rs. 140.5 crores) in August, and $29 Million (Rs. 132 crores) in July.
In February, ItzCash secured an investment of Rs 100 crore from promoter Ashok Goel as it sought a payments bank licence from the Reserve Bank of India. The company, in 2009, had raised Rs 50 crore from LightSpeed Venture Partners and prior to that it had raised Rs 10 million from Matrix Partners and Intel Capital.