Subhash Chandra promoted Essel Group, which floated Intrex India almost three years ago, has introduced another innovative product called ITZ Cash. ITZ Cash is India's first multi-purpose pre-paid card that adds a safe dimension to online transactions. With ITZ Cash, consumers will be able to shop online, make international calls through Voice over IP and play online games.
ITZ Cash is a unique and innovative payment mechanism available for an Indian consumer, which is safe and convenient. The company has, so far, tied up with Rediff.com, Asian Sky Shop, HCL Infinet and Playwin. Currently, ITZ Cash comes in denomination of Rs 100 and is available through 2500 cellular pre-paid outlets and Playwin Terminals in Mumbai.
“ITZ Cash is a landmark development in India's e-business market. In a country, where low credit card penetration and risk factors limit online shopping, ITZ Cash is an attractive payment option. We have plans of tying up with more merchants and will subsequently introduce higher denominations worth Rs. 250, Rs. 500 etc. We also hope to introduce ITZ Cash in six other states by March 2004. We are sure that it will meet the aspirations of our target group for a safe and convenient payment option," says Naveen Surya, Executive Director, Interex India.
“ITZ Cash is neither a credit card nor a debit card - it is the new face of cash. The number of people having credit or debit card is limited in India due to stringent eligibility criterion but since ITZ Cash is available off the shelf, it can be easily obtained. Many of those who have credit or debit cards are skeptical in using it for shopping online and micro payments due to the risk factor,” Surya adds. This option is well suited for online and micro payments being available in small denominations, and is at par with the cash component in the card. With each ITZ Cash card carrying a unique account number and password, customers can be assured of security and being available in lower denominations, safety is maintained.
ITZ Cash has also launched a customer care center with a toll free number. Customers can also log on the website with the card’s account number and password to check their transaction statement online.