ItzCash Card
BUSINESS/NEW LAUNCH
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
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.
www.npci.org.in’
Visit:
www.itzcash.com/powertopay for
more details
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