RBI authorises ItzCash to issue Mobile Wallet

MUMBAI: Essel Group's Itz Cash Card Ltd, has received the requisite RBI clearance for issuing Mobile Wallet in the month of August under The Payment and Settlement Systems Act 2007.

Itz Cash Card is the country's first-ever multi service pre-paid card company.

With this license, the company can offer Mobile Wallet facilities to citizens who are cell-phone subscribers, it said in a press release issued here on Friday.

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 release said.

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

Speaking on this development, Itz Cash Card Ltd's Managing Director, Naveen Surya, said, "ItzCash has a 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 the 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.