RBI Authorizes ItzCash To Issue Mobile Wallet

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RBI Authorizes ItzCash To Issue Mobile WalletItz Cash Card Ltd India’s first ever “Multi Service Prepaid Card company” has received the requisite RBI clearance for issuing Mobile wallet in the month of August 2010 under The payment and settlement systems act 2007.

With this license the company can offer Mobile Wallet facilities to citizens who are cell phone subscribers.

ItzCash is India’s largest non- bank semi-closed prepaid payment instrument issuer and also the first to introduce and facilitate m- commerce and e-commerce in India.

ItzCash currently facilitates about 60,000 SMS transactions per day for various merchant services. This new initiative by RBI is expected to increase these transactions by at least 100% per cent.

The RBI clearance gives the unbanked population the facility to use m-commerce as a medium of easy and convenient transaction.

Speaking on this development Mr. Naveen Surya, MD, Itz Cash Card Ltd. said, “ItzCash has huge bouquet of services and Mobile wallet for m-payments will become one of the many innovative services provided by ItzCash. This service will bring under served / unbanked populace closer to digital convergence and help enabling a cashless society. We are happy to include more and more people in financial inclusion through this service.” he added

“Under RBI guidelines, the semi-closed wallet service by ItzCash will allow any mobile user to pay for various services and products for a transaction value up to Rs. 5000 only. This clearance by RBI will give a major boost to the government’s aggressive initiative towards bringing banking and financial services to remote areas as part of its inclusive growth programme.”

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