ItzCash Prepaid cards take front stage as payday solution; onboards 100+ corporates post demonetization

Mumbai, December 2, 2016: With the country bracing up for its first Payday post demonetization, ItzCash, India’s pioneer and the largest player in the digital payments space today said that it has been witnessing a sharp rise of 3x in demand for its prepaid card segment in the last three weeks, especially from the small and mid-sized employers across the industry. The company has signed 100 large and small size companies to offer pre-loaded salary cards for their employees.

At the dawn of the payday, in the midst of a cash-strapped economy with banks struggling to contest the demand for hard cash and corporate and business houses jostling around to pay out salaries to their blue-collared employees, the ItzCash prepaid card on the back of its virtues of being a multi-purpose and interoperable instrument comes in as an ideal fit for both the employer and employee classes across the industry.

The company which is currently catering to a wide range of small and medium-sized companies involved in services such as staffing, facility management, and security services among others who were solely dependent on cash for salary disbursements until demonetisation. For instance ItzCash currently issues more than 30,000 prepaid cards for a leading Automotive & 2-weehler brand enabling them to disburse wages to their mechanic network across the country.

On the occasion Mr. Naveen Surya – Managing Director, ItzCash and Chairman, Payments Council of India said, “We are today dealing with a Bharat wherein more that 70% of the population isn’t tech savvy and are grappling with the current scenario of cash-crash. With banks skewed to function with about half the amount of currency they need, the spotlight on ‘prepaid’ is back as the most real solution now. There is a huge demand for such prepaid cards from such companies as this will provide a ready solution for a payment mechanism which was wholly dependent on cash until demonetization. Wherein employees get a choice to withdraw cash from any ATMs as well as swipe for any purchase they want to do. Overall Industry so far more than five million of these cards have already been sold in India and in the last one week and more 40 million more are expected to be sold through end of this fiscal.”