Intrex India banking on online shopping, m-commerce with ITZ Cash

MUMBAI: Financial services company Intrex India part of the Essel Group is moving full steam ahead with its recent initiative ITZ Cash. ITZ Cash claims to be India's first multi-purpose pre-paid card and was launched last December,

The company is targeting revenue in the range of Rs. 60-million for the next financial year. For this year it expects it to be in the range of Rs. 30 million in terms of fees, commissions.


The ITZ Cash service kicked of with an arrangement with its sister concern Dish TV. This is Zee's DTH initiative for the rural markets. The company sees a major opportunity in the future in the M Commerce arena, which has still not been tapped as well as in online shopping.

Elaborating on the same Intrex India executive director Naven Surya said," The mobile SMS sort code number 7575 is being set up. We have tied up with Reliance and VSNL on the sort code. We are talking with mobile service operators regarding the convenience of our service. Right now because they are operating on GSM there is no scope for business transactions. In the next financial year as we form deals with retail chains there will be new areas of growth for us. By this time next year we expect to have 25 partners. They operate either online or direct to home. We are not looking at to many merchants. We are concentrating on products that have a mass usage. These will include utility payments like electricity as well as movie tickets. We are also talking with calling card companies. Our initial focus will rest on the small towns where while the level of income has risen credit and debit cards are not being used much. Our base is 50 million households which is the same thing that Dish TV is looking at"

Surya added that Intrex India had recently tied up with and for the B2C card. This way when the youth shop online the awareness of the ITZ Cash brand will increase. He also said that the card was safer than a credit card simply because the value of the card is far less. This could range from Rs. 250-1000. He also said that once a card expired the customer would be encouraged to get another. "All our cards have been secured by Verisgn. In Mumbai it is available in around 2500 prepaid card outlets. It will soon be available in Playwin Franchise outlets across the country."

He added that for the Metro areas the ITZ Cash phenomenon would be more of a matter of convenience at first like playing Playwin games online. "Our other partners at the moment include Asian Sky Shop, HCL Infinet. They take care of the distribution logistics once we hand over the plastic inventory"

He elaborated on the arrangement with Dish TV thus. "We support Dish TV in collecting money from their distributor and dealer network. This assists in the activation of Dish TV Connections. This can be done through Dish TV's website by the dealer or through SMS or phone. There are around 4000 dealers who are using this card. The second phase of our arrangement with them will kick off in early April. Here we will help them collect payments from the end consumer. We spotted a gap in the traditional banking system. We will be introducing a B2C card for their customers. Right now it is just a B2B operation."

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