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ItzCash to launch swipe cards this year

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CIOL Bureau
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Pratima Harigunani

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PUNE: ItzCash, a multi-purpose pre-paid, use-and-throw card, would grow up from scratch to swipe avatar by this year’s end. The company is planning to roll out swipe cards by the end of this financial year, shared Shekher Srivastava, vice president -Marketing, ItzCash.

“Cash in a swipe format would be an entirely a new concept and an untapped market. We will also look at taking in the untouched applications in the categories we are present so far,” Srivastava said.

The company has 3000 applications in categories like mobile bill payment, utilities, energy, gaming, shopping, railways, airlines etc. Except Idea and some regional players, it claims tie-ups with all major telcos and is in discussions to rope in Idea soon too, besides targeting new pre-paid and post-paid partners.

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The company would also expand its footprint from current 60,000 outlets and 400 cities to one lakh outlets and add more 100 new cities. It is also in talks with some companies to add corporate channel to its segment.

ItzCash crossed 500 crore last year and does not see itself in direct competition to players like BillDesk. “We move beyond the debit-credit card holder realm and try to change the paradigms of cash and payment for people like a taxi-driver or a student,” said Srivastava.

The card was launched by Intrex India in 2003 and comes in denominations ranging from Rs100 to Rs10,000. Higher denominations and foreign forays are not on the drawing board yet.