ItzCash to Join Integrated Bill Payment Platform in India
Indian payment solutions provider ItzCash Card Ltd. has received in-principle approval from the Reserve Bank of India (RBI) to participate in the country’s integrated bill payments platform, known as the Bharat Bill Payments System (BBPS). Mumbai-based ItzCash already claims the largest bill payment transaction volume in India, at Rs 6,000 crore (US$902 million) for the current year, according to the company—which plans to use its membership in the BBPS to increase that volume nearly threefold in the 2016-2017 fiscal year.
Currently being developed by the National Payments Corporation of India under direction from the RBI, the BBPS will enable consumers to pay bills, such as utilities and telephone service, from multiple billers. Payment can be made via an online portal, or in-person through a network of physical agents, with multiple payment types accepted and instant confirmation of payment.
Pay Award-winning ItzCash late last year stuck a deal with Uber to enable banked consumers in rural areas of India to access the ride service through ItzCash’s prepaid payments products. That deal followed a partnership with online marketplace Flipkart to launch a co-branded online store for ItzCash prepaid card users.