There has been a surge in cash card transactions at the IRCTC website with around 13 per cent of rail tickets being booked using pre-paid cash cards. ItzCash card, India's only "Multi Purpose Prepaid Cash Card", lead the cash card category for online booking of rail e-tickets with more than 78 per cent share.
Cornering a significant per cent share of the total online transactions, ItzCash card has emerged as one of the preferred payment options amongst the 34 payment gateways available.
The data available at the IRCTC website for the month of November 2009 clearly marks a shift in consumer behavior with more and more people looking at digital transactions to ensure quicker and convenient purchase of their rail tickets. Cash cards facilitate the same as it helps even the non-bankable population to look at online bookings.
According to Mr. Naveen Surya, Managing Director, ItzCash Card Ltd, "Cash cards are increasing their share in the rail bookings as more and more people without banking instruments are looking the digital way to ensure faster services. ItzCash leading the cash card transaction on IRCTC bookings emphasizes our belief in digital convergence and the vision of bringing the non bankable population and those without the requisite banking instruments closer to the benefits of the digital world."
Over 85 per cent of the country's population does not have banking instruments for online transaction. The number of credit card holders and debit card holders are 2 per cent and 13 per cent of population respectively. With this huge void in banking instruments for digital transactions cash cards like ItzCash will play a significant role in the future and growth of digital convergence.
Usage of cash cards clearly signifies the growth in digital payments and how consumers are looking at a more convenient mode for purchasing their tickets or paying their utility bills. To provide services to the consumers company like ItzCash has tied up with more than 5000 merchants and spread across 1800 locations including cities, towns and rural India. The tie-ups across service sectors facilitate the multi-utility aspect of the card. ItzCash has over 20,000 ItzCash franchisees branded as "ItzCash World" and 180,000 outlets in 1800 Tier I and II towns in the country under the brand name "ItzCash Point". ItzCash through this tie up with IRCTC is been offering an easy and convenient mode of online booking of railway tickets in Tier 1, Tier 2, Tier 3 cities. |