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Naveen Surya, MD Of Itz Cash On KYC Norms, GPRS vs SMS; Itz Cash Numbers

Cash Cards are micro payment instruments that are being used extensively for making payments on the Internet, and on the mobile. The issue that Cash Cards do not follow Know Your Customer norms has been raised in the media and at conferences; we took this up with Naveen Surya, MD of Itz Cash, an Essel (Zee) Group company, which has received $10 Million in funding from Matrix Partners earlier this year. We also got some interesting inputs on consumer behavior: On the allegation that Cash Cards do not follow Know-Your-Customer (KYC) norms It is a myth that our kind of product doesn't have KYC. It is true that when we issue the card, the KYC doesn't exist. But the moment you do a transaction, the indirect access of KYC is fully available. With our card, the transactions that you can do, and where you can do them - whether on mobile phone, Internet or with a particular venodor. What if there's an arms dealer based in Bangalore, and there's a buyer based in Delhi, who know each other. On an online marketplace the dealer shows that a mobile phone is being sold. The money changes hands using cash card payment, and instead of sending the mobile phone, arms are sent. The money trail cannot be tracked... In our case, there is a transaction limit of Rs. 20,000, so hopefully he cannot buy the arms. Technically, in cash, you can do a transaction of Rs. 49,990 without giving a pan number,…

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