Mudit Bhatnagar Vice President & Marketing Head of ItzCash India’s first and largest non-bank entity to offer prepaid cash cards. He is at the helm of three key verticals of Marketing, CRM & Communication of the Multi Purpose Payment Solutions. He is the driving force behind the company’s brand architecture, persona and the brand promise across multiple touch points.
Q. Share with us the experience of changing your career track from a retail sector to a Finance sector?
A. In my view just the execution of the thought has changed – which no means is an easy task, however the consumer remains the same. It is very imperative for any prudent business owner to understand and analyse the “consumer lifecycle”. In doing so the job becomes far easier or if I may say the unlearning and then subsequent learning becomes simpler. As far as changing industry tracks is concerned, I would so wish that we start acknowledging financial services ( D2C) also as an integral part of retailing. For me it’s no different – only the product and the distribution changes , from a tangible product we move towards “services” however the responsibilities increase as we are now dealing in “money” and trustworthiness of the service provider is of paramount importance.
Q. According to you in what way has the financial sector evolved after 2002?
A. Internet penetration, opening up of new banks and bank branch expansion has seen a significant jump in the last decade or so. Enhancement of multiple products and services under one umbrella has made life more convenient for the end user. Internet, mobile banking, use of plastic and electronic payment modes has definitely made the financial services system more seamless, user friendly and auditable.
Q. Tell us something about Itzcash?
A. I would answer this question in a very simplified way “Wherever there is a commercial transaction using cash, ItzCash has a solution to make it less cash”. We are the country leading Prepaid Payment solutions company with footprints across 3000+ towns / cities catering to all segments via our 50,000 franchisees across the footprints mentioned. Be it B2B or B2C we have a prepaid payment solutions for all ranging from prepaid cards ( India’s only Non Banking entity to provide this), corporate gift cards and solutions, Corporate Cash in solutions, Retailer Pre-paid and Domestic Money Transfer. However out TG largely remains under and non banked strata (SEC C,D&E) to whom we provide inclusive services ( financial, digital & social).
Q. How did Itzcash leverage digital media to enhance the business?
A. It’s all about digital in our business- right from booking a train ticket to paying for it and even for undertaking corporate transactions. Hence digital media plays a very important role – primarily in educating relevant segments on how to make life easier and engaging with them on a continuous basis.
Q. How is the current response of people towards your services and what are your future plans for it?
A. The journey so far has been challenging yet very exciting. We have covered many a milestones but “miles to go before we sleep”. Our future plans include new markets, penetration into existing markets and innovative product variants basis the opportunities that lie ahead.
Q. Itzcash is planning two more variants of the pre-paid cash cards. Tell us something more about that.
A. Our pre paid cards are General purpose and can be used for online transactions, POS transactions and even cash withdrawals. We are working on varied use cases basis the TG and we will surely announce the same soon.