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Multiple payment solutions firm ItzCash is eyeing business transactions worth ₹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 the RBI to become a Bharat Bill Payments Operating Unit to facilitate users in paying their utility bills from a single platform under BBPS.
“The company aims to leverage the BBPS platform to cross ₹15,000 crore of gross payment volume in 2016-17,” ItzCash said in a press release on Monday.
“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 ₹270 crore in revenues in the current fiscal,” it 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, ItzCash 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 ₹6,000 crore in the utility bill payment space.
It has crossed ₹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 across the country.
“The platform will not just simplify the entire payment system, but will also 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 dittoTV.
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