Itz Cash Card registers impressive growth

Turnover for FY 2009 – 2010 at Rs. 2200 crores
• Targets Rs. 3000 crores for FY 2010 - 2011

Itz Cash Card Ltd., established in 2005 with the idea of providing easily accessible payment instruments for the masses, introduced the prepaid cash card instruments for the first time in India. These prepaid cash cards have proved to be a boon for consumers who, at that time, did not have access to conventional payment instruments like Credit Cards, Debit Cards and Net Banking. Itz Cash Card has achieved an astounding growth over the last five years as more and more consumers started adopting the ItzCash way of transacting.

The company, at its inception, had targeted a turnover of Rs, 2000 crores over a period of five years. Naveen Surya, Managing Director – Itz Cash Card was very clear that a highly innovative approach would be required to ensure that the concept not just survived but also grew in leaps and bounds. The team at Itz Cash, following Mr. Surya’s vision, kept a constant finger on the pulse of the industry and introduced a wide range of products and services to adapt to the ever-changing needs of the consumers.

The rest, as they say, is history. Itz Cash Card has achieved a Rs. 2200 crore turnover for FY 2009 – 2010. Going forward, we have chalked out an aggressive expansion plan and are looking at an overall 25% growth across each vertical and aim to close FY 2010-2011 at Rs.3000 crores.

Itz Cash Card Ltd. operates across three business verticals viz., B2C, Corporate & Franchisee and has seen substantial growth in each vertical this fiscal. Here is a quick snapshot:
• A 100% growth in the B2B vertical: Merchant tie-ups grow from 5,000 to 10,000.
• A 50% growth in number of Itz Cash Worlds (ICWs) - from 40,000 to 60,000.
• A 25% growth in number of Itz Cash Points – from 200,000 to 250,000.

Itz Cash Card, across all ICWs and NoQ24x7 Prepaid Cash Cards, processes over 100,000 transactions amounting to Rs. 100 mn to Rs. 150 mn daily.

Itz Cash Card has been recognized, nationally and internationally, for their innovative products and services. We have bagged numerous awards not only in India but also on a global platform. Itz Cash has won awards like, "Innovative Use of Technology" award; "Best General Purpose Spending Card Program" at PayBefore Awards - 2007 as well as "the Most Innovative Prepaid Program" of the year 2008 for the "Octroi Automation Program." These accolades are a testimony to ItzCash Card’s success.

The icing to the cake was Itz Cash Card winning two awards at PayBefore 2011 – One for its ICW programme and the other for the NoQ24x7 Prepaid Cash Cards programme. As a matter of fact, the NoQ24x7 Prepaid Cash Card was judged as ‘Best in the Category’ under the ‘Non-US Based’ programmes.

Merchant partners include service providers from the Telecom, Entertainment, DTH, Travel and Tourism industries as well as Utility Services and Municipal Corporations. These merchants are partners in our success. The list of our merchant partners across wide range sector, serves the motive of gratifying various needs of end consumer in their day to day life.