Hotline: 1800 102 2007
X
Loading
Search Business Opportunities
Business services 2010-06-14

Payment profits via franchising

By Abha Garyali Sub Editor

Providing payment solutions across the WEB, IVRS, POS and the mobile to the under-banked and un-banked population, is an initiative of Itz Cash Card Ltd. In an interview Naveen Surya, MD, Itz Cash Card Ltd shares the growth and success of his company.

Abha Garyali (AG): Brief us about the inception, growth and success of ‘Itz Cash Card Ltd’.

Naveen Surya (NS): Itz Cash Card Ltd, established in 2005 is a part of the Essel Group. ItzCash innovated the entire paradigm of payment solutions across the WEB, IVRS, POS and the mobile bringing payment solutions to the under-banked and un-banked population in India. Today ItzCash has an annual turnover of Rs 2200 crore.

ItzCash card offers easy solution for online payments through their various tie-ups across different sectors. It is also widely used for easy online payment of utility, mobile bill, DTH subscription, energy bill, mobile recharge etc.

ItzCash’s business tie ups include IRCTC for rail booking, Municipal Corporation of Greater Mumbai (MCGM) to facilitate online and on mobile payment of property tax, water bill in Mumbai and launched Octroi Silver Cards for traders and truckers to collect Octroi at the Octroi Nakas. These services are delivered to end consumers using 'ItzCash' semi-close prepaid cards or by visiting ItzCash World outlets.

AG: How is ItzCash Card different from other cash card companies? What is its USP?

NS: The differentiating features of ItzCash card lies in its services, technology, safety and security, reliability and over 5000 merchant partners. The ROI given to the franchisee network is also a key differentiator. ItzCash enjoys premium brand status in the highly competitive local markets. The Card offers a portfolio of customised e-commerce and m-commerce solutions in the B2B, B2B2C and B2C space.

AG: When did you start franchising and what was the inspiration behind taking franchise route for expansion?

NS: We believed in the franchisee model since the inception of our business. We took the franchisee model due to:

  • Our association with merchants having mass appeal services
  • Our constant endeavor to bring the non-bankable population, for whom the neighborhood shops are the closest under a financial umbrella. Thus giving them powers to transact online, on mobile, IVRS and POS
  • Prepaid is all about reach and franchisees ensure growth and reach to our merchant services in all classes of towns
  • Presence of the entrepreneurial spirit

AG: What are the future prospects of ‘Itz Cash Card Ltd’ in the franchise industry?

NS: We see tremendous scope for Itz Cash to grow through the franchise model due to:

  • Association of ItzCash with services which caters to mass audiences thus fulfilling their basic payment needs
  • Emergence of digital convergence across all sections of the society
  • A high return margin to the franchisees through the pre-paid model thus making a lucrative business proposition for them
  • Low entry barriers - broadband, printer and computer needed to start a business 

The franchise business growth for Itz Cash can be validated with the fact that at an average we have been growing at 50 per cent year.

AG: How many franchisees do you have and in which cities in India?

NS: Itz Cash has more than 5000 merchants. Itz Cash has over 25,000 Itz Cash franchisees branded as ‘Itz Cash World’ and over two lakh outlets in more than 2000 towns in the country under the brand name ‘ItzCash Point’.

AG: What are the qualities and qualifications that you look for in your franchisees? How much investment is required by aspiring franchisees?

NS: To obtain a franchisee of Itz Cash Card Ltd a person needs to be more than 18 years of age. There are no particular qualifications required. Aspiring entrepreneurs do not require much investment for acquiring our franchise. All they would need is a computer, printer and a broadband connection.

AG: What support and training do you provide to your franchisees?

NS: We have a strong focus on providing support and training to our franchisees. We have 10 regional offices across India which is used as training hub for franchisees with regards to product, process and kind of new services. Servicing includes product, process, service training and problem resolution within set timelines. The franchisee is provided support in the form of collaterals, POP materials executed by ItzCash thus driving walk-ins at these outlets to facilitate more business.

AG: What are the challenges in the sector and how can these be overcome?

NS: There are no challenges for the franchisee in fact retailers and shopkeepers who face heat from malls can have opportunity to earn as per their effort.

Comment
Related opportunities
  • About:Specialty Sweets like Dharwad Pedha is the essence Mishtanna Dharwad..
    Locations looking for expansion Maharashtra
    Establishment year 2015
    Franchising Launch Date 2015
    Investment size Rs. 5lac - 10lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Pune Maharashtra
  • Ice creams & Yogurt Parlors
    About:we have developed 25 different flavors of ICE CREAMS AND SORBETS..
    Locations looking for expansion Maharashtra
    Establishment year 2015
    Franchising Launch Date 2016
    Investment size Rs. 20lac - 30lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai City Maharashtra
  • About: Conceptualized as a reflection of Indian cuisine and culture, Laat..
    Locations looking for expansion Delhi
    Establishment year 2017
    Franchising Launch Date 2017
    Investment size Rs. 50lac - 1 Cr.
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • About the brandLaunched in 2009, Nailspa experience, a venture of..
    Locations looking for expansion Maharashtra
    Establishment year 2009
    Franchising Launch Date 2016
    Investment size Rs. 20lac - 30lac
    Space required 110 - 390 Sq.ft
    Franchise Outlets Less than 10
    Franchise Type Unit, Multiunit
    Headquater Mumbai City Maharashtra
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories