Now swipe-n-buy through cash card

Bhaskar Hazarika

NEW DELHI: Itz Cash card users will now be able to swipe and buy. After introducing cash card to make easy online transactions, Essel Group’s Itz Cash is planning to come up with its swipe card by year-end.

In an exclusive interaction with CyberMedia News, Shekher Srivastava, vice-president marketing, Itz Cash Card Limited revealed the company’s plans to launch the swipe card by December.

“In the initial phase the cash card was introduced for online transactions. As most of the online payments accept only credit cards, the cash card helped consumers to make the payments through the 16 digit number,” Srivastava said. He said that the cash card is neither a credit nor a debit card. It is a new face of cash and the only payment option for transactions is through Net, SMS, or telephone.

“From shopping through internet, buying online tickets, utility bills or paying your mobile bills, it enables any transactions. The payment gateway is similar to making payments through credit card as it takes place real-time. But the difference is that consumers need to buy the card and spend as he likes,” he said.

Targeting the telecom sector, the company has already tied up with Tata Teleservices, Hutch and Airtel for paying mobile bills through SMS or online. “Tata Indicom has an integrated bill payment model through which a subscriber can pay their bills by just sending an SMS by using a cash card. Hutch and Tata accept both SMS and online mode of payment for their post-paid bills through Itz Cash,” Srivastava informed. The company is already in talks with the telecom companies on the bill payment model.

The company rolled out in 2005 in a year time frame claims Rs 500 crore turnover in the industry. It has created a road map for the year 2007 and plans to add around 70 more distributors across the country. Currently there are 320 distributors in India. He said that they would be expanding their reach to 120 towns within this year. Itz Cash cards are available in 400 towns, mostly in B and C class towns.

Srivastava informed that they have already partnered with some of the state governments on the payment mode of utility bills. “We are in discussion with the states like Kerela, Karnataka and the state governments of North-East. This is the evolution of digital sales channel,” he added.

© CyberMedia News