Payments solutions company ItzCash Card received an in-principle approval from the Reserve Bank of India to operate as a Bharat Bill Payments Operating Unit (BBPOU). The company has accounted for the highest volume transactions in the utility bill payments space at Rs 6,000 crore for 2015-16 and has the largest distribution network for financial services with more than 75,000 franchise outlets across the country. BBPS is expected to be an integrated system that will provide ‘anytime anywhere’ payment options to customers by pulling all bills and payment options onto a single platform. In-principle approvals to operate as a BBPOU are conveyed where the applicants meet all eligibility requirements including existing net worth, and requisite billing experience as covered under the present scope of Bharat Bill Payments System. Naveen Surya, MD, ItzCash Card said in sync with the ‘Digital India’ mandate, the current thrust on revolutionizing the country’s digital ecosystem is firmly gaining ground and the BBPS is an excellent platform which has come in timely to capture the country’s new e-dream. The company recently announced strategic partnerships across sectors which included OYO, DHFL Pramerica and Ditto TV.
