ItzCash Card launches an exclusive cashless tag 'Power to Pay' - a unique payment solution for IIT-Bombay
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.
- (1888PressRelease) July 19, 2013 - Mumbai: 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.
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