ItzCash targets bill payments worth Rs 15,000 cr in FY17

Digital payments solution provider ItzCash today said it aims to facilitate bill payments worth Rs 15,000 crore in the current fiscal.

The firm has crossed Rs 50,000 crore worth bill payments cumulatively during 2006-2016, it said in a release.

ItzCash with a customer base of over 40 million is looking to cross Rs 15,000 crore in digital bill payments and is betting on Bharat Bill Payments System (BBPS) to generate revenue of Rs 270 crore this fiscal.

"The company, which has the largest distribution network for financial services with more than 75,000 franchise outlets across the country is expecting to generate Rs 270 crore in revenues in the current fiscal," it said.

ItzCash clocked in country's highest volume transactions in the utility bill payments space at Rs 6,000 crore in 2015-16, it added.

"India is eventually gaining a strong foothold on the digital stage. While Digital India provided a broader vision, the BBPS, and the UPI initiatives have brought in a fresh momentum to the entire agenda for less cash India," said Naveen Surya Managing Director of ItzCash.

Surya is also the Chairman of Payment Council of India.

"ItzCash, which derives 25 per cent of its income from telecom and DTH businesses put together is planning to garner approximately 20 per cent of market share from the segment after BBPS goes live," the company said.

Besides, it is betting big on 'anytime anywhere' bill payment concept and aims a 40-50 per cent growth in overall revenue growth in the next three years.

In 2013 Reserve Bank had estimated that around 3,080 crore bills were generated amounting to Rs 6.2 lakh crore in the top 20 cities.

This is expected to rise to Rs 9,30,000 crore by 2019 and BBPS will be a one big leap, ItzCash said.