Press Coverage and Releases

E-wallets out of unified payments system

India becoming the new battlefield for data center providers

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We are entering international remittances space

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Payments Council wants limit on MDR removed

Cash losing to virtual money

ItzCash crosses Rs. 50,000 crore worth of bill payments

Technology, young demography changing travel dynamics

ItzCash targets bill payments worth Rs 15,000 crore in FY17

ItzCash का इस साल 15 हजार करोड़ के बिल पेमेंट का टारगेट

ItzCash clocks India’s highest volume in utility bill payment transactions

ItzCash crosses Rs 50,000-crore worth of bill payments

ItzCash targets bill payments worth Rs 15,000 cr in FY17

Targeting the unbanked, underbanked

ItzCash targets bill payments worth Rs 15,000 cr in FY17

India heading towards a less cash economy

Now, transfer your money via SMS

RBI calls for strengthening of business correspondent model

Digital Money- From Disrupting Cash to Enabling Well-Being

Mobile banking sees dramatic surge in India

Payments Bank and Unified Payment Interface with change the Shape of Mobile Wallet Market

Industry lauds government and RBI move towards cashless economy

Budget 2016 could have done more for Indian startups

Digital Money – From Disrupting Cash to Enabling Well-Being

Several sectors give thumbs up to Budget for infra push, tech thrust

Union Budget 2016-17: FM carved out well-balanced budget proposition: Naveen Surya

Mint : Tech-enabled banking with a human face

Budget 2016: Swiping your card may help you save tax : The Economic Times11

More banks jump on to m-wallet bandwagon – The Hindu(Edition-Mumbai)


ItzCash amongst the top 3 in Domestic Money Transfer on NPCI’s IMPS Platform




ItzCash Card looking to set up financial technology firm


ItzCash Coverage in MInt


ItzCash Coverage in Vaarta

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ItzCash Coverage in Financial Chronicle

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ItzCash Coverage in Mint

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ItzCash Coverage in Deccan Herald

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ItzCash Mobile Wallet Coverage in Outlook Money and Business India

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ItzCash Coverage in Hindustan Times

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ItzCash Coverage in Vaartha

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ItzCash Coverage in The Financial Express


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ItzCash Coverage in The Pioneer

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ItzCash Coverage in Deccan Herald


ItzCash Coverage in Dainik Jagran



ItzCash Coverage in Standard Herald


ItzCash Coverage in Business Standard


ItzCash Coverage in News Today 




ItzCash Coverage in Forbes




ItzCash Coverage in the Financial Chronicle


ItzCash Coverage in the Dainik Jagran


ItzCash Coverage in the Asomiya Pratidin


ItzCash Coverage in the Dainik Janbhumi


ItzCash Coverage in the Meghalaya Guardian


ItzCash Coverage in the North East







ItzCash Coverage in Outlook Business














ItzCash Coverage in the Hindu Business Line


ItzCash Coverage in Eenadu



ItzCash Coverage in Mana Telangana


ItzCash Coverage on Mobile Wallet in Financial Chronicle, Kolkata


ItzCash Coverage in Tarankit, Pune


ItzCash Coverage in Pune Metro, Pune


ItzCash Coverage in Pune Satta, Pune


ItzCash Coverage in Puneri Awaaz, Pune


ItzCash Coverage in Prabhat, Pune


ItzCash Coverage in Times of India, Pune


ItzCash Coverage in Vishweshwar, Pune


ItzCash Coverage in Vishwadarpan, Pune vishwadarpan_13jun

ItzCash Coverage in Navbharat (Pune Plus), Pune navbharat_13jun


ItzCash Coverage in Sanjvarta, Punesanjvarta_13junItzCash

Coverage in Janmanthan, Pune janmanthan_13jun

ItzCash Coverage in Navin Sandhya, Pune navinsandya_13jun


ItzCash Coverage in Kesari, Pune


ItzCash Coverage in Aaj Ka Anand, Pune


ItzCash Coverage in The Week – March 2015




Article by Mr. Naveen Surya in the Financial Chronicle



Essel Propack’s Ashok Goel to invest Rs. 100 crore in ItzCash Card. Capital infusion in line with company’s bid for payment bank license


Mumbai, February 13, 2015: ItzCash, India’s leading payment solutions Company today announced the capital infusion of Rs. 100 crore by Mr. Ashok Goel, Founder and Non-

Executive Chairman of the company. This capital infusion comes when the company has applied to the RBI for a Payments Bank license. The norms by the Reserve Bank of India require the

applicants to have a minimum capital of Rs. 100 crore once the license is awarded.  ItzCash Card, being an integrated payments solutions company, has more than 50,000 outlets and

empowers more than two lac entrepreneurs through its solutions. The company had applied for a license with the RBI on February 2, 2015.

Commenting on the development, Mr. Ashok Goel, Non. Exec. Chairman, Itz Cash Card Ltd. said, “Being the first PPI in the country, for the past eight years, ItzCash has been a key player

to drive our country towards a less-cash economy. A payments bank licence will help the company to significantly boost its contribution towards taking the narrative of financial inclusion to

millions of Indians across the unbanked and under-banked segments of India.”

Being the Vice Chairman and Managing Director of Essel Propack, a global tube-packaging company, Mr. Goel also clarified that the current infusion is solely in his personal capacity and

resembles no bearing with the listed entity in any way.

Speaking about the development, Mr. Naveen Surya, Managing Director, ItzCash Card Ltd. said, “Being the largest PPI in the country, we have created over 88 million accounts and

currently have direct access across platforms to 25 million unique customers. In the past years, we have also expanded our focus to cater to similar customers through mobility platforms.

Today we have 10 million plus customers being empowered by our payment solutions through mobility route. With the multiple payment solution offering we are committed to take this journey

forward through payments bank”.

ItzCash today processes more than 5,00,000 plus transactions per day through its 50,000+ outlets. “Twenty-three per cent of our outlets are in East and North Eastern region and 25% of

transactions happen from east and with our presence in 262 of the 295 under banked districts in under banked states would help us drive Financial Inclusion if given a license for payment

bank,” added Naveen Surya.

About ItzCash Card Ltd

Launched in 2006, ItzCash Card Ltd. (referred to hereinafter as “ItzCash”), has evolved from being India’s first and largest non-bank entity to offer prepaid cash cards to presently, the leading

holistic payments solutions company. The company has played a major role since its inception, for empowerment of the unbanked, under-banked segments in India through offering

convenient, secured and customized payments solutions. The company’s product range commands wide acceptance – from services to stores to solutions, both in the offline and online

marketplace. The company is headed by Mr. Naveen Surya and ably supported by a team comprising of experienced professionals across the industry.

It is the first company to be issued the Certificate of Authorization, by the Reserve Bank of India (RBI) under the Payment and Settlement Act, 2007. It also has the largest payment gateway

on IRCTC (online railway ticket booking in India) amongst 34 odd payment gateways. ItzCash introduced India’s First Network Partnered Prepaid Card in association with IDBI Bank &

DCB Bank and HDFC Bank (for Gift Cards).The introduction of these products has empowered convergence to the non-banked population of the country. It has a strong franchisee network

comprising of 50,000+ ItzCash World outlets across 3,000+ Tier I & II cities. It is credited with processing over 500,000+ transactions every day through ItzCash Payment Gateway and

issuing over 88 million+ semi-closed loop prepaid cards till date.


Visit: for more details


  • 1st non-bank entity which has been issued the Certificate of Authorization, by RBI under the Payment and Settlement Act.
  • Strong franchisee network comprising 50,000+ ItzCash World outlets Across 3,000+ Tier I & II cities
  • Presence across 263 of the 295 under-banked districts in the country
  • Supports the inclusion of 200,000+ entrepreneurs as a part of its franchisee network
  • 88 million+ Semi-closed loop prepaid cards issued till date
  • 500,000+ transactions processed every day through ItzCash Payment Gateway


Itzcash-ET-13-Feb-15-ND-Pg-11 ET--Delhi--13-Feb ET--Banglore--13-Feb

ItzCash Coverage in Financial Chronicle



Mr. Naveen Surya’s Article in Thinking Aloud (November 2014)



ItzCash Coverage in Financial Chronicle



ItzCash Coverage in Nook & Corner



ItzCash Coverage in Dainik Jagran



ItzCash Coverage in Nav Gujarat Times



ItzCash Coverage in The Satyam Times (Surat)



ItzCash Coverage in Dainik Arth Prakash


ItzCash Coverage in Amar Ujala



ItzCash Coverage in Chardikhala chardikala_13nov


ItzCash Coverage in Dainik Nyaye Setu (Chandigarh)




ItzCash Coverage in Tribune


ItzCash Coverage in Pudhari


ItzCash Coverage in Aaj Samaj



ItzCash Coverage in Dainik Bhaskar


ItzCash Coverage in Economic Times


ItzCash on Wheels Coverage in Pune Metro


ItzCash on Wheels Coverage in Tarankittarankit_11nov

ItzCash on Wheels Coverage in Pune Satta



ItzCash on Wheels Coverage in Deshdhootdeshdhoot_11nov

ItzCash on Wheels Coverage in Punyanagrij, Nashikpunya_11nov

ItzCash on Wheels Coverage in Navbharat



ItzCash on Wheels


ItzCash Card Ltd, India’s multi- purpose prepaid payment solutions company  today flagged off ItzCash on Wheels, a unique road show that will deliver prepaid cards, money

transfer and other payment services to the doorsteps of its customers, making transactions easy, convenient and accessible for potential customers.

Around 1000 million Indians today still do not have access to a bank account and other financial services. RBI’s vision of Financial Inclusion is that everyone in the country should have access

to financial products and services . The program aims at educating and reach out to people making these services being available to the untapped /unbanked areas and semi urban areas

through Business Correspondent/ Business Facilitators model.

ItzCash on Wheels will be flagged in Ludhiana, Punjab on November 10, 2014 . It will travel across interiors of Punjab till November 14th. As a part of the

Company’s endeavor , we will educate a large section of the society on the various processes behind availing financial products like prepaid cards and transacting easily on the go. Apart from

Punjab , ItzCash on Wheels is also simultaneously conducted across Maharashtra, Gujarat during the month. The mobile ItzCash World Outlet will be operated at a specific time in pre-

identified, unbanked villages through a van that will be stationed at specified locations

The road show was flagged off at Pune by ItzCash’s Head (Marketing & Corporate Communications) Mr. Mudit Bhatnagar.”The initiative is a national campaign and we want the

customers to have a  first hand experience of these products. It’s about being where the customers want us”.

The van will be equipped with a GPS tracking system, laptops with 3G connections, a safe, a printer, to facilitate transactions of Money Transfer, Ticket Booking, Utility Bill Payments etc.

Fresh franchisee applications and ItzCash Prepaid Card Applications will also be processed from the canter itself. Two ItzCash officials would manage the mobile branch along with its


ItzCash on Wheels Coverage in Navbharat



ItzCash on Wheels Coverage in Sanjvarta




ItzCash on Wheels Coverage in Bharat Diary



ItzCash on Wheels Coverage in Prabhatprabhat_8nov

ItzCash on Wheels Coverage in Sanjvarta


ItzCash Coverage in DNA (Mumbai & Jaipur)


ItzCash Coverage in ET Wealth, Ahmedabad


ItzCash Coverage in the Financial Chronicle (All Editions)


ItzCash Coverage in Mint (Mumbai)


ItzCash Direct Coverage in Nagpur / Pune

Mahan Maratha


Punya Nagari





ItzCash Coverage on Pandharpur Activity

Lokshahi Varta









ItzCash Coverage in Pune





Pune Metro


ItzCash Coverage in Nagpur






Yugdharma2ItzCash Coverage in Mumbai

Nirbhid Janmat


Divya Marathi


ItzCash Coverage from Nashik, Kolhapur & Aurangabad

Gavkari Samaj Sanjwaat Samarat Navsandesh

ItzCash Coverage on Pandharpur







ItzCash Coverage in Chandigarh



Satya Swadesh


Dainik Arth Parkash






ItzCash Coverage in Navbharat Times

Mr. Naveen Surya’s Interview appeared on 29 Jun 2014 throughout Maharashtra (Mumbai, Pune, Nashik, Nagpur, Amravati and Chandrapur)


ItzCash Coverage in Chandigarh

Dainik Bhaskar

Dainik Bhaskar -ItzCash 28.6.2014 Pg.No.7

Amar Ujala

Amar Ujala-ItzCash 28.6.2014 Pg.No.7

Punjab Jagran

Punjabi Jagran-ItzCash 28.6.2014 Pg.No.4

Matrix Partners Backed ItzCash Plans Fund Raise


Essel Group’s payments solutions company, ItzCash Card Limited is seeking to raise $20 Mn (INR 1,200 Mn) from its next round of funding from PE as well as strategic investors. The funding

being sought will be utilized to expand the company’s business of providing plastic money to the underbanked. Avendus is advising the company on its fund raising plans.

The digital payment firm is backed by VC firms including Matrix Partners India, Lightspeed Venture Partners VIII Mauritius and Intel Capital.

Matrix had invested in the company in 2007 along with Intel infusing $10 Mn (c.INR 420 Mn). Later new investor Lightspeed led a new round of INR 500 Mn investment in the company along

with the participations of existing investors. Today Matrix with 16% has the highest stake after the promoters followed by Lightspeed which owns 10% while Intel holds 5%.

With over 5 to 7 year into the company, the VC’s might also look at exiting the venture.

The venture was launched in 2006 by the Essel Group as an payment option for its group companies like Dish TV’s customers. Through its tie up with banks like IDBI, DCB and HDFC, it

targets customers who do not have a bank account but are looking to use e-commerce services like train and bus ticketing, phone recharge and bill payments. It is also in talks with corporate

groups for tie-up as a payment option for their respective customers. The company is planning two more variants of the pre-paid cash cards exclusively for travel and an add-on card for the

family member of the first holder.

About 50% of the business comes from the retailer prepaid cards, while 12-15% business comes from the remittances made by the migrant workers.

It is targeting INR 70,000 Mn worth transactions this fiscal on its platform of which 60-70% will be through digital payments business. It aims to earn INR 1,500 Mn in revenues this fiscal.

Nationally, ItzCash has 50,000 franchisees, of which 2000 are in Gujarat.

Recent deal in this space:

Chennai based ChargeBee Technologies had raised $800000 from Accel Partners.  Citrus Payment Solutions had received a $5.5 Mn funding from two strategic investors – Japanese online

payments company econtext Asia and Beenos Asia.

Payment solutions provider Innoviti Embedded Solutions Private Limited had raised a total of R10 Cr from Tata Capital Limited and 3 HNI’s.

ItzCash Coverage on Business Expansion – Jun 2014

itzCash-ET-Delhi-Pg05 itzCash-ET-Kolkatta-Pg01&16. 17062014_ETBG_MP_06_1_COL_R2 ItzCard-ET-Mumbai(19) 17062014_ETBG_MP_01_1_COL_R1 17062014_ETBG_MP_01_1_COL_R1

ItzCash Coverage Rajasthan – Jun 2014

Rajasthan Patrika Mehka Bharat ItzCash-Mint-Pg03 Dainik Navajyoti Daily Newsmaip3_2 (1)

ItzCash Coverage in Times of India

Itz Cash-TOI-Delhi

ItzCash Coverage in Loktej, Surat

ItzCash Card-Loktej-10 May 2014,Surat


ItzCash Coverage in Hindu Business Line

ItzCash Card-HBL-10 may 2014,Ahmd


ItzCash Coverage in Gujarat Vaibhav, Ahmedabad

ItzCash Card-GV-10 may 2014,Ahmd



ItzCash Coverage in Hindustan Times, Bhopal



ItzCash Coverage in Patrika, Bhopal


ItzCash Coverage in Dainik Bhaskar, Bhopal


ItzCash Coverage in Dainik Jagran, Bhopal


Credit cards back in vogue on payment flexibility
Source: Financial Chronicle

Spends rise across categories including EMI transactions, utility payments, apparel and travel in the last few months
Usage of plastic is on the upswing – mostly via credit cards, but also through debit cards, mobile wallets, prepaid cards and vouchers.

According to Reserve Bank of India data, the total number of credit cards as of January 2014 was 19 million, up 1.5 per cent from 18.71 million as of December 2013 and 18.77 million as of

November 2013. Transactions at points of sale (POS) using credit cards were 45.58 million as of January, 45.64 million as of December and 41.84 million in November 2013. Their value was Rs

14,162 crore as of January, up 4.84 per cent from the Rs 13,507 crore as of December, which was more than 5.61 per cent of Rs 12,655 crore as of November 2013.

The value of the transactions for 2012-13 was Rs 1,22,951 crore in 396.61 million transactions.

The value of transactions using debit cards was Rs 8,498 crore in January 2014, Rs 8,194 crore in December and Rs 8,412 crore in November 2013. Predominantly, the usage denotes that

users exercise caution while spending via a debit card.

Prepaid instruments, which include mobile wallets, prepaid cards and vouchers too are on the rise. Their total value was Rs 683 crore in January, Rs 717 crore in December and Rs 621 crore in

November 2013. For the full year 2012-13, the value of transaction on prepaid instruments was Rs 7,922 crore.

“Due to the larger global economy impact, there was a phase where issuers were exercising caution on expansion plans but in the last few months, consumerism has made a comeback. There

has been an increase in spends across categories including EMI transactions, utilities and mobile bill payments, apparel and travel,” said Parag Rao, senior executive vice-president and

business head — card payment products and merchant acquiring services, HDFC Bank. The bank has over 5.11 million credit card users.The average transaction value is also on the rise,

mainly on lifestyle-oriented expenditure and branded retail fashion. Customers are upgrading mobiles and other electronic devices, he said.“Travel is another key factor and while it is seasonal,

the transaction value here has increased in the recent past,” said Rao.

Deval Sheth, head of consumer business at ItzCash, the first non-bank entity which has been issued the certificate of authorisation by RBI, said it was seeing a tremendous growth in the

prepaid instruments segment.
It has over 10 million plus semi-closed loop prepaid cards issued till date. It processes 1.5 lakh transactions every day through ItzCash Payment Gateway.“A credit card is given based on

creditworthiness. For a prepaid, there is no need for any scores. Only KYC compliance is needed. One can load cash up to a maximum of Rs 1,000 at given point of time,” he said adding that

the prepaid cards allow the convenience of a banking card, can be used at ATMs to draw cash, at POS, for shopping on the internet. Full value on the card can be used.

The charges range from Rs 70 to 100 to get a new prepaid card and then there is a top-up fee ranging from Rs 10 to 30 depending on the maximum value of the top-up card, said Sheth,

adding that prepaid cards are a good gifting option and an effective tool to keep expenses under control.“We are expecting the adoption of gift cards to grow more than 100 per cent on a

year-on-year basis,” he said adding that the card is as secure as any banking instrument. It needs a PIN and has 3D secure features, one-time password as the second factor of

authorisation.In case the prepaid card is lost, the card can be blocked to not allow further transactions, as is the case with the regular credit and debit cards, he said.

Among others, the banking community has recently made it mandatory for a pin for transaction at POS. The banks have replaced the old cards with a chip-based card for added security.

However, there are occasional glitches. As a result, in rare instances, there could be multiple transactions, which would be sorted out when brought to the bank’s notice.

According to a report of a RBI-appointed group on enabling public key infrastructure in payment system applications released in January, India is one of the fastest-growing countries in the

plastic money segment. About 75 per cent of all card payments are concentrated in the top 20 cities.

About 30 per cent of credit card spends are being done online. At least 10-15 per cent of customers use their cards only online, many from smaller cities. Electronic payments dominate their

expenses: rail/ airfare (71 per cent), durable goods (61 per cent), rent (49 per cent), tele/ mobile (47 per cent), medical institutions (46 per cent), clothing/ footwear (44 per cent), beverage and

refreshments (35 per cent).

According to the India Card Payment FY12-13 report by Atos Worldline India, which specialises in electronic payment services in India, the credit card segment in India during 2012-13

witnessed growth after a four-year period of sluggishness. However, it is far from the peak of 2008-09, when the credit card base was around 25 million. Private sector banks remain the largest

issuers, accounting for more than 50 per cent of the credit card base.

The transaction volumes increased 33 per cent in FY13 over FY12. The growth in credit card transactions has been 23 per cent. Since the decline in FY10, credit card transactions have grown

at a CAGR of 19 per cent. Debit card transactions have grown at a CAGR of 30 per cent in the five-year period from FY09-13. The increase in base and a growing consumer acceptance of

debit cards point towards continued growth, it said.Per card activity in debit cards has increased at a slower pace at 11 per cent since 2009, indicating that most of the growth in transactions

and spends is fuelled by the increase in card base.

According to ‘Payment Systems in India: Vision 2012-15,’ cash remained the predominant payment mode in the country. The value of banknotes and coins in circulation as a percentage of

GDP was 12.04 per cent. This was high compared to other emerging markets like Brazil, Mexico and Russia. The cash-to-GDP ratio in India has remained range-bound over the last three

years.Only 0.6 million of 10 million plus retailers in India have card payment acceptance infrastructure now. More will come into the fold. E-commerce and m-commerce platforms are poised for

a big stride in coming years, it said.

According to Sathish Kantheti, joint managing director of financial services firm Zen Securities, each of the payment tools — credit card, debit card and the prepaid instruments — have

different roles to play and in a way inculcate a financial discipline.

Credit cards are often used for high value transactions, sometimes taking the option of paying EMIs. They are used to buy aspirational products. Users most often are wary of the interest

costs and therefore try to pay as per plan to ensure that their creditworthiness score (say from Cibil) is not affected. Many have given up multiple cards and are using one or at the most two

credit cards, he said.

The debit cards ensure that users correspond their spending to their earnings and savings. Routine tasks like payment for utilities, fuel, groceries and others are handled by the debit cards. On

the other hand, PPIs (wallets) are used for specific usages – recharging the mobile, DTH, internet and the like, he said.

ItzCash strengthens its Money Transfer Network with over 5000 remittance counters

Metro India, Hyderabad




Navbharat, Mumbai



Vaartha, Hyderabad


ItzCash Coverage in Loksatta


Coverage of Mr. Naveen Surya on

Investments should be on the basis of goals

We spoke with Naveen Surya, MD, ItzCash, to learn about his investing philosophy and what instruments he prefers to make investments.

Q: What is your philosophy towards investment?

A: Invest on the basis of your personal plans and for different time horizons to meet different personal objectives in life.

Q: How disciplined are you when it comes to investments?

A: I think of myself as moderately disciplined.

Q: What kind of an investor would you describe yourself as: conservative, balanced or aggressive?

A: I am a moderately balanced investor.

Q: Which is your most preferred instrument for investment?

A: It varies basis the objective with mix of debt/equity/real estate/FD/insurance.

Q: Could you share some of your learnings in investing?

A: It should be oriented towards personal goals in life, balance risk and returns carefully basis personal appetite for risks, risks should be taken keeping personal obligations, liabilities in mind.

Q: What is your advice to the general public as far as investing is concerned?

A: Know your personal goals clearly before you plan your investments.

ItzCash’s coverage in Mint – 5th Feb’2014


ItzCash Coverage in Business Standard, 08 January



ItzCash Coverage in Money Today, December


Metro India, Hyderabad



Nav Bharat Times, New Delhi


Navbharat, Mumbai


Navshakti, Mumbai


Eenadu, Hyderabad


Prahaar, Mumbai


Sakaal, Mumbai


Andhraprabha, Hyderabad Andhraprabha

Mr. Naveen Surya in Business Line


ItzCash Coverage in Free Press Gujarat


Mr. Naveen Surya’s interview on Radio One

Interview Part One


Interview Part Two


Interview Part Three


Interview Part Four


ItzCash helps lower income groups through rural activation

ItzCash Card Ltd. recently tied up with RW Promotions to bring financial literacy to, and help lower income groups manage cash liquidity without a bank account and provide

migrants a common platform to transfer money. RW Promotions was appointed to execute the two-day activation.

Speaking about the activity, Mudit Bhatnagar, Head of Marketing and Communication, ItzCash Card Ltd. said: “We have a mission to empower every individual to use money

in a simple, safe and convenient manner. It was great to partner with RW Promotions which helped us in reaching out to our audience in neighbourhoods on the occasion of Ramadan.

ItzCash strives to bring about a sustainable change in the way individuals in our country transact. We support financial literacy education for young people as well as financial empowerment for

underbanked and unbanked Indians.”

Adding further, Venkatesh Srinivasan, Director, RW Promotions said: “The purpose was to give visibility to the company’s contribution in helping people with limited

documents of proof, and to make them aware of the options available to them other than traditional banking.”

A unique activation for this was conducted by RW in the class C and class D areas of Mumbai and Delhi. The activity was conducted during the holy month of Ramadan and

there were many migrants and those with no bank accounts. The areas of the activity were Bhiwandi and Mazgoan in Mumbai and Jaitpur, Okhala and Seelampur in Delhi.

As part of the activation, which was split in two parts, a team of three promoters and one supervisor were present at a particular locality. The first part of the activation saw

the promoters going around interacting with the people and informing them about the services offered by ItzCash and their significance. They brought crowds to the retail outlet where the

salesmen would give them in depth information about the service. The second part of the activation involved inviting crowds to the local mosque and treating them to a vision of the moon

through a telescope and breaking their Ramadan fast. The supervisors had first marked the area and interacted with the Maulvi of the local mosque, explained to him the significance of the

activity and registered his support.

The financial literacy drive carried out with the assistance of promoters from RW helped educate people about the varied financial instruments like prepaid cards that could

be used as an alternative to cash management in the absence of a bank account. Some of the cards offered were ItzCash’s General Purpose Reloadable Cards which can be used as

equivalent to cash.

Launched in 2006, ItzCash Card Ltd. has evolved from being a non-bank entity to offer prepaid cash cards to being a payments solutions company. ItzCash is said to be the

first company to have been issued the Certificate of Authorization, by the Reserve Bank of India (RBI) under the Payment and Settlement Act.


Mr. Naveen Surya’s Article in Thinking Aloud !





ItzCash Coverage on IAMAI

The Hindu Business Line



The Asian Age




Metro India


ItzCash coverage in Bhiwandi on Financial Literacy drive.

Covered in

  1. Swarajya Toran,
  2. Dainik Bhiwandi Darpan
  3. Suraj Lok


ItzCash Coverage in Vir Arjun



ItzCash Card launches an exclusive cashless tag ‘Power to Pay’ – a unique payment solution for IIT-Bombay

  • India’s first truly Cashless Campus initiative will be powered by NFC tag
  • Offers a cashless payment ecosystem which would empower IIT-B students to transact without cash within their campus in a safe and secure manner
  • Accepted across all food, stationary and general stores within IIT-B


Mumbai, July 18, 2013: ItzCash Card Ltd, India’s first and largest non-banking holistic payment solutions company, today announced the launch of ‘Power to Pay’, an innovative semi-

closed campus payment solution, exclusively for IIT-B, in association with RuPay (NPCI) and Canara Bank. This revolutionary NFC tag based solution will enable the students, faculties and

employees of IIT-B to make cashless payments in stores located within and around the campus.


The tag will be issued to the current batch of IIT-B at the time of enrollment/admission and is valid up to 5 years from the date of issue. It is convenient to use and merely requires a student to

paste it on the back of his mobile or ID card or carry it in his wallet to make payments. The user can load a designated amount ranging from a minimum of Rs. 50 up to a maximum limit of Rs.

5000 with maximum transaction limit of INR 10,000/ month, into the tag at any ItzCash World outlet and through Canara Bank’s net banking option. Using the cashless tag, the users would

also be able to track their expenses and handle money in a simple, safe and convenient way.


Commenting on the new development, Mr. Naveen Surya, Managing Director, ItzCash Card Ltd., said “At ItzCash Card, we have evolved from being a pioneer in pre-paid cards into a

holistic payment solutions company owing to our ability to marry innovation with convenience. We believe, with India having inherent demographic advantage coupled with being among the

fastest growing country in terms of mobile subscribers; there is a huge untapped opportunity to instigate a revolutionary change in payments solutions’ space. The “power to pay” tag is an

innovative step in this direction. It is a humbling experience for us to introduce a unique solution in an institute regarded as cradle of innovation. We look forward to broaden the horizon of this

solution and improve it further to achieve our vision of a less-cash India”.


Commenting on the launch, Mr. A.P. Hota, Managing Director, NPCI, said “We are proud to be associated with the program as a knowledge partner to promote cashless

payments in the premier institute. NPCI envisages pioneering such projects in several other campuses across the country.”


Speaking on the occasion, Professor Ashish Das, Department of Mathematics, IIT Bombay, Indian Institute of Technology, Bombay, said “At IIT-B, we have remained

focused on our vision to be the fountainhead of new ideas by sincerely nurturing and supporting innovation. We are proud to be associated with the project of cashless campus. This will not

only usher a habitual change among our students and colleagues, but also would be a step in the right direction towards creating a model campus, going forward”.


Mr. S K Dubey, General Manager, Canara Bank commented, “Our association with IIT B has been long lasting and with this program we offer student and the faculty payment

solutions which are advanced and very convenient. This is indeed a very proud moment for all of us.”


About ItzCash Card Ltd.

Launched in 2006, ItzCash Card Ltd. (referred to hereinafter as “ItzCash”) has evolved from being India’s first and largest non-bank entity to offer prepaid cash cards to presently, the leading

holistic payments solutions company. The company has played a major role since its inception, for empowerment of the unbanked, under-banked segments in India through offering

convenient, secured and customized payments solutions. The company’s product range commands wide acceptance – from services to stores to solutions, both in the offline and online

marketplace. The company headquartered in Mumbai is headed by Mr. Naveen Surya and ably supported by a team comprising of experienced professionals across the industry. ItzCash is a

part of Essel Group, a $2.4 bn business conglomerate, having presence across diverse sectors including media & entertainment, tourism, packaging, publishing and broadcasting and

financial services.


It is the first company to be issued the Certificate of Authorization, by the Reserve Bank of India (RBI) under the Payment and Settlement Act, 2007. It also has the largest payment gateway

on IRCTC (online railway ticket booking in India) amongst 34 odd payment gateways. ItzCash introduced India’s First Network Partnered Prepaid Card in association with IDBI Bank &

DCB Bank and HDFC Bank (for Gift Cards).The introduction of these products has empowered convergence to the non-banked population of the country. It has a strong franchisee network

comprising of 180,000+ ItzCash Point & 50,000+ ItzCash World outlets across 3,000+ Tier I & II cities. It is credited with processing over 150,000+ transactions every day through

ItzCash Payment Gateway and issuing over 10 million+ semi-closed loop prepaid cards till date.


About NPCI:

‘NPCI is a registered company under Section 25 of the Companies Act, 1956. It is promoted by 10 banks in India under the aegis of the Indian Banks Association with majority shareholding by

Public Sector Banks. It has been identified by Reserve Bank of India (RBI) and Indian Banks Association (IBA) as the umbrella organization for all retail payment systems in the country. The

10 promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Bank of India, Union Bank, ICICI Bank, HDFC Bank, Citibank and HSBC.’


Visit: for more details


For more information, please contact:

Tamali NandiAccount Manager
Fortuna PR
Handheld: +91 9920362255+919920362255
tamali@fortunapr.inAnamika Tiwari
Assistant Manager –EMV and NFC
Handheld: +91 9892701506+91 9892701506
Kanchi ParekhCorporate Communications
ItzCash Card Ltd.
Handheld:  +91 9967195888+91 9967195888

ItzCash Wins the Most Innovative Product for Emerging Countries Award at KnowledgeFaber Awards


ItzCash won the Most Innovative Product for Emerging Countries Award in the NFC and Mobile Card Readers Category from The Knowledgefaber Payment Awards ,2013 .

Knowledgefaber Awards for Excellence in Payment Method and Technologies 2013 brings an important platform to showcase your payment solutions and innovations the entire payment

industry and to the world. They give an opportunity to identify some important work going on in this space and bring out the best-in-class solutions and to network with high-level

professionals and exchange ideas. The Awards are presented to companies that demonstrate products/services worthy of praise and required to advance in the global marketplace.

Out of 14 Awards in different categories like Prepaid,M-Payments, NFC & Mobile Card Readers and special categories , ItzCash is a winner in the Most Innovative Product  for

Emerging Countries Award under the category “NFC and Mobile Card Readers”

Prepaid Category:

  • Market Leading Solution Award
  • Prepaid innovation Award
  • Enabling Technology Leadership Award(This award is for the companies best  enabling systems  and technologies in payments space)


  • Fastest Growing Solution Award
  • Best Mobile Wallet Program Award

Payment Gateways:

  • Leading Technology Award for Solving Customer Pain Points
  • Fastest Growing Payment Gateway
  • Market Leadership Award

NFC & Mobile Card Readers:

  • Best Proximity Payment Solution Award
  • Most Innovative Product  for Emerging Countries  Award

Special Categories:

  • Best Customer Education/Marketing Campaign Award
  • Co-creating with the Customer Award
  • Award for Social Inclusion and Women Empowerment
  • Most Successful Payment Partnership Award

ItzCash Coverage in Dainik Bhaskar


Why RBI’s proposed Indian Bill Payment System will make life easier

by Bindisha Sarang

May 8, 2013


Imagine a life without bill payments. Hard to imagine, isn’t it? But now imagine a life where you can pay your bills at one place. You might say it already exists, your ATM. Well almost, today

banks allow you to pay most of your utility bills, insurance payments and the like via the internet as well as ATMs, but not all your bills. In fact, you can pay the bill via the bank/ bill aggregator,

only if the respective biller, is also biller registered with your bank/ bill aggregator and hence it has no inter-operability. If the Reserve Bank of India has its way, you might just be able to pay all

your bills directly on a single platform.

The RBI on its website proposed yesterday proposed an Indian Bill Payment System (IBPS), which will provide a single platform for all banks, aggregators, billers and customers to pay the bills.

Simply put GIRO is a credit push transaction which is initiated by the payer. Reuters

According to the notification posted on its website, “This model will enable the setting up of a centralised infrastructure bringing all the billers and banks to the bill platform through the

aggregators. It will also allow interoperability in the bill payment process and enable the consumers to make payments at any of the collection points which is the essence of GIRO system.”

What is GIRO: Simply put GIRO is a credit push transaction which is initiated by the payer and usually involves presence of three banks, the payer bank, the payee bank and

the collection bank.

Apart form setting up of the IBPS, the apex bank has also proposed to extend the IBPS value chain of banks/non-banks/billers/aggregators, and enable bill data codification and presentment.

The IBPS will also be responsible for the process of settlement and customer support and redressal mechanism.

The benefits which this system proposes are:

i) Convenience to consumers, banks, billers and like.
ii) Inter-operability among various players.
iii) Electrification of payments and hence avoidance of cash transactions.
iv) Reduction in cost of collections of funds.
v) Guaranteed settlement agreements

Naveen Surya, Managing Director, ITZ Cash of the  Essel Group, said, “All the parties will benefit from this move. The consumer will get convenience and inter-operability, while the billers will

get a faster and seamless transaction.”
Banks and payment providers (like pre-paid card providers) will get the benefit of electronic transactions and hence lower transaction cost.

“Look at it this way. When ATMs first came, customers were allowed to use only their respective bank’s ATMs. Later through bank tie-ups, customers were allowed to use ATMs of 5-6 banks.

Now, customers can use ATMs of any bank. This example shows inter-operability. Likewise, if today your payment provider/ agent/ bank has 5 billers and you can pay only those billers, once

IBPS comes in, you could pay the remaining billers as well, which means, you get interoperability advantage,” he said.

This sounds like a great initiative from the apex bank, but it could take sometime.

ItzCash launches the savvier way of gifting with ItzGift
Tuesday, February 28, 2012

Itz Cash Card Ltd., India’s leading Prepaid Card Company celebrates the launch of ItzGift at the FHM Cover Success Party at the popular suburban nightspot Escobar.  The celebration saw

ItzGift’s first innovative offering – Choice Gift Card being unveiled in the presence of the celebrious Chitrangada Singh.

ItzGift presents an array of products which include gift cards & vouchers of leading retail brands across varied categories such as lifestyle, shopping, dining, entertainment and a lot more.

These are available through a strong distribution network of neighbourhood retail outlets and internet stores namely,; ItzGift also provides

experience based gifting ideas to end users, with offerings of ‘Experience Gift Box’, ushering in an evolutionary change in the mundane gift giving activity.

Mr. Naveen Surya, Managing Director, Itz Cash Card Ltd., commenting on this occasion said “Gifting is an emotional bond that seeks to impress and express affection at the same time! It can

be quite a tedious task finding the perfect gift, whether it’s for that special someone or even for corporate employees. ItzCash brings to you ItzGift, which constantly strives to provide

innovation and unlimited choice to the end users.  We are very excited about our new offering and are confident that our endeavour would change the way India gifts!”

Looking to tap the estimated US$ 30 billion a year gift market in India ItzGift aims to also evolutionise  incentive, reward and recognition programs for corporate & SME  which offer choice

and flexibility through a wide array of card brands and custom designed options.

According to Global Prepaid Exchange, the market for prepaid gift cards and vouchers in India is sized at $403.8 million in 2011, with a 30% growth rate. So India today stands at that crucial

juncture, where there is a marked exodus from traditional gifting options to newer and more novel offerings.

Announcing the new business, Mr. Ashok Goel, Chairman, Itz Cash Card Ltd. said, “India has been on a rapid development path in the organized retail sector. As pioneers in the prepaid

segment, ItzCash is excited to be able to contribute significantly towards this growth.  The launch of ItzGift today is one more offering that will provide our customers with truly flexible options

unmatched throughout the industry”.

IDBI Bank and ItzCash in association with MasterCard launch “Freedom Prepaid Card” in New Delhi
Tuesday, February 07, 2012

Itz Cash Card Limited, India’s leading Prepaid Card Company, IDBI Bank,  India’s youngest new generation public sector universal bank and MasterCard, the leading payments technology

company launched  Freedom Prepaid Card, India’s first re-loadable multi-purpose co-branded Prepaid Card, today.

The Freedom Prepaid Card is a multi-purpose card that will serve as an alternative to cash transactions done at retail touch points, which are equipped with PoS terminals. The card is primarily

targeted at certain sections of the society, particularly youth, who prefer to pay for goods and services using cash. The Freedom Prepaid Card can be purchased at any ItzCash World (ICW)

outlet, after completing a one-time registration. Cardholders can then use the Freedom Prepaid Card to make purchases in stores, pay bills and book tickets online, as well as withdraw cash at

any ATM that accepts MasterCard. The Freedom Prepaid Card provides unrivalled convenience, security, and enables cardholders to better manage their cash. As a co-branded product, the

card will carry the logos of IDBI Bank and Itz Cash.

The Indian card acceptance market in the physical environment is gaining momentum with the total number of PoS terminals deployed across the country at over 5 lakhs and the number of

active ATM machines standing at over 85000. A similar kind of dominating figure is being reflected in the Indian population, where the youth population of our country stands at 47% of India’s

1.21 billion population. Most of the purchases done by youth are impulsive and are transacted through cash. Keeping in mind their shopping traits, both offline as well as online, Freedom Card

will thus empower them with balancing their monthly budget without having them to open and maintaining a bank account.

Speaking on this occasion, Shri R M Malla, CMD of IDBI Bank said, “IDBI Bank, a full service, tech savy commercial Bank was the first Bank in India to launch a prepaid Gift Card in 2003.

Since then, we have introduced many variants of prepaid cards to cater to distinctive market segments. In the years to come, prepaid cards will act as a convenient mode of cashless

payments in the hands of un-banked and under banked population of the country. There is a huge potential in the Indian prepaid card market to be unlocked. To capitalize on this opportunity,

IDBI Bank is pleased to associate with Itz Cash Card Limited,  a leading player in the prepaid card industry, for its first co-branded pre-paid card. As we see it, “Freedom Prepaid Card”,

through its attractive features, will motivate the target population to opt for card based payments over cash payments. As the targeted customer segment also encompasses under- banked

constituents, this would further the cause of financial inclusion, which is a priority focus area of both, the nation as well as IDBI Bank”.
Expressing delight on the launch of Freedom Prepaid Card, Mr. Naveen Surya, Managing Director, Itz Cash Card Ltd. said, “We are proud to present a unique “first co-branded open loop

prepaid card.”  The launch of this product will enhance the day-to-day shopping experience without compromising on the monthly budgets. Youth who have been early adopter to new

technologies and products, will now be able to carry a plastic card, which will be handy and at the same time provide the liberty to use the cards at various retail outlets. Through Itz Cash’s

competitive leadership and by using innovative technology we aim to empower the youth and make digital transactions an everyday phenomenon heralding the drive towards a cashless


The youth segment in India is highly dynamic and has an appetite for payment solutions that provide flexibility, convenience and added security,” says TV Seshadri, General Manager, South

Asia and Country President – India, MasterCard Worldwide. “MasterCard is pleased to collaborate with IDBI Bank and Itz Cash Card Limited to unveil the Freedom Prepaid Card which has

been designed with the needs of this burgeoning segment in mind. We hope to empower the youth as well as foster safe and responsible spending with the launch of this card.”

The key attributes of Freedom Prepaid Card include:

1) Convenience  – simple to use and easy to pay for purchase of goods and services at over 5 lakh merchant outlets in India, including online, point of sale terminals and ATMs that accept

2) Security – enables cardholders to load the card and carry their cash in a safe manner rather than carry or store cash at homes. Furthermore, cardholders can avail of all security features

provided by MasterCard on their prepaid products.
3) Control – helps better cash management and controlling spends with clear track on the budget.

BSNL launches ‘TRUST Card’ with Itz Cash Card Ltd for all ‘citizens of India’
Wednesday, January 18, 2012

Bharat Sanchar Nigam Ltd. (BSNL) has partnered with Itz Cash Card Ltd., India’s pioneer “Multi Service Prepaid Card” company, to launch “TRUST Card”, a co-branded multi service prepaid

card for all Citizens of India.
The TRUST Card is a ‘semi-closed card’ which will facilitate citizens to make their utility bill payments like bill payments of electricity, telephone, cooking gas, mobile, water, rail/air tickets

booking, pay for DTH subscription, Citizen Services by Government or Government bodies etc. BSNL subscribers will also be able to make payments for Postpaid bills, Prepaid top-ups and

BSNL value added services like Hello TV Subscription, BSNL Hello Tunes (Ring Back Tune) etc.  apart from making payments for above mentioned utility bills. To begin with there are about

more than 10000 billers. The list will be continuously enhanced.
Mr. R.K. Upadhyay, CMD, BSNL said, “These two new services are supposed to bring value and compliment the services that we provide to our customers. The fact that both these services

can be used by any citizen of India add new features to the service portfolio of BSNL.”

Mr. Naveen Surya, Managing Director, Itz Cash Card Ltd said, “The objective of the card is to provide citizens of India a convenient payment option. We are happy that our expertise and

experience in the prepaid cards segment is helping BSNL create a better service platform.”

The TRUST Card will be sold from BSNL retail outlets and ItzCash  World outlets. The card will be available in denomination of Rs. 250, Rs. 500 and Rs. 1000. There is option of either use

& throw the card after use or reload the card using refill vouchers which will also be available at the BSNL retail outlets. The card will be launched initially in Chandigarh, Kolkata, Pune and

Chennai and will be launched countrywide later on.

BSNL & ItzCash launches ‘Pay bills via SMS’ services
Friday, April 15, 2011

ItzCash Card, leading multi-purpose prepaid cash card company, and Bharat Sanchar Nigam Ltd (BSNL) Calcutta Telephone District have added the facility of paying telephone bills via SMS.

The introduction of this facility is in addition to the already existing option of paying bills online. A.K. Garg, Director (HR) BSNL Board, said “I congratulate the BSNL Calcutta Telephone District

team on this innovative tie-up with ItzCash which makes bill payments a much convenient process for subscribers. “I strongly recommend that similar projects or initiatives should roll out across

all BSNL Circles. The district should promote the SMS service through different mediums and make the same popular amongst the subscribers.”

The Calcutta Telephone District provides telecommunication services in the city of Kolkata and adjoining areas of five districts of West Bengal viz. Howrah, Hooghly, Nadia, North 24 Parganas

and South 24 Parganas. With a population of about 1.3 crores spread over 220 sq. kms., the turnover from landline bill payment is over Rs 500 crore. Naveen Surya, Managing Director, Itz

Cash Card Ltd, said “A customer can pay bills online or by sms or by visiting any of our 1200 ItzCash World Outlets and avail the service. The additional SMS service would benefit the masses

as the mobile density in India is far higher that the internet penetration.”

ItzCash goes aggressive, plans to add one lakh outlets by FY 2012
Sunday, March 20, 2011

Essel Group’s pre-paid payment solutions provider ItzCash plans a massive beef-up of its retail presence pan-India by opening 1-lakh more exclusive outlets under the brand name ‘ItzCash

World’ and 30,000 franchisees over the next one year.

“We plan to open another 1-lakh exclusive outlets under the brand name ‘ItzCash World’, besides adding another 30,000 franchisees by end-FY 12,” ItzCash’s Managing Director Mr Naveen

Surya told PTI here.

“The retail sector is lucrative and rapidly-growing and we are ideally-positioned to tap its potential. People want to buy their daily essential needs and ItzCash Card will prove of great help to

them,” he said.

At present, the company has 2.7-lakh exclusive outlets and about 50,000 franchisees and has tied-up with over 10,000 service-providers pan-India.

Itz Cash has already tied—up with Anil Ambani’s Reliance Energy through which customers can pay their bills through the card online at ItzCash outlets. Similarly, it has also tied- up with the

Municipal Corporation of Greater Mumbai (MCGM) for octroi collection.

“Nowadays people are very busy — they have no time to even visit offices to pay their bills. ItzCash is targeted at this segment and is the ideal solution for them,” he said.

ItzCash launches unique online air portal in association with
Thursday, December 02, 2010

Itz Cash Card Ltd. India’s only “Multi Service Prepaid Card” has recently launched a B2B portal in

association with, India’s leading online travel website. This exclusive website offers the cheapest airline fares to customers through 40,000 ItzCash World Outlets across India.

With this launch, partner has also launched an exclusive scheme for ItzCash franchisees known as “Book Karo Aur Jeeto” under which the highest air ticket booking franchisee for

the quarter (1st Nov – 31st January) will win a fully paid trip to Goa.

Speaking on the tie up Mr. Naveen Surya, Managing Director, Itz Cash Card Ltd said, “ItzMeriYatra is an unique and exclusive portal for air booking. It provides the best fares and competitive

flight inventory in the industry which thus helps the end customer to get the best deal. There are some innovative features like instant refunds, instant query resolution which definitely makes

the portal a preferred choice for our 40000 franchisees. Besides that it provides the best earning opportunity to the agent fraternity”.

Speaking on the tie up Mr. Rajat Suri, Head B2B, Yatra Online Pvt. Ltd. said, “We are extremely happy to partner with ItzCash Card to offer an exclusive platform which empowers the PAN

India distribution network of ItzCash Card to offer travel services to their customers. This alliance will help reach out to the new and growing markets in non metros and Tier II cities”.

ItzCash launches for online hotel bookings
Monday, November 22, 2010

Itz Cash Card Ltd. India’s pioneer “Multi Service Prepaid Card” company brings Itzhotels an exclusive hotel booking portal in association with CC Avenues. With the launch of ItzHotels,

ItzCash has added hotel booking under the gamut of travel related services which already includes air, rail, bus e-ticket booking.

Itzhotels offers array of hotel choice and economical package range available for different segments. Booking process on the portal is quick and can be done in few easy steps.

Mr. Naveen Surya, Managing Director, Itz Cash Card Ltd said, “Today majority of travelers prefer planning their travel package with the help of the travel agents. Keeping

that in mind we have launched Itzhotels which is an exclusive portal for our franchisees. With the launch of Itzhotels we are completing the travel boutique for the end to end customer.”

He further added that, “Now ItzCash franchisees can get best deals for their customers and additional earning opportunity. The main advantage of booking through Itzhotels could be that

everything is just the way you like it. It is a travel partner for the tourist.