What IT Consultants does

IT Consultants PLC (ITC), founded in 2000 and headquartered in Tejgaon Industrial Area, Dhaka, is a public limited company listed on the Bangladesh stock exchange under ticker ITC and operates as a Licensed Payment System Operator (PSO) under authorization from Bangladesh Bank. The company was the first entity in Bangladesh to achieve PCI DSS certification and positions itself as an end-to-end payment infrastructure provider to banks, financial institutions, government organizations, and retailers. ITC earns revenue through four primary streams — per-transaction fees on ATM/POS/e-commerce volume routed through the Q-Cash network, recurring subscription and consortium-membership fees for card management and Q-Cash member services, professional services for IT infrastructure deployments, and product sales such as POS terminals.

Its product portfolio is anchored on the Qcash brand and includes: a transaction switching platform (ATM, POS, and e-commerce routing); a TranzWare-based Card Management System; Qpay, a mobile FinTech application; Q-Cash Payment Gateway for e-commerce; POS terminal hardware; a Biometric ATM solution targeted at rural financial inclusion; and the Postal Cash Card delivered in partnership with Bangladesh Post Office. Customers include 30+ member banks in the Q-Cash consortium (with Woori Bank Bangladesh joining in 2015 and Citizens Bank PLC as the 36th member in 2021), the National Board of Revenue (NBR) via Sonali Bank for e-payment services, and Bangladesh Post Office for postal financial inclusion.

The go-to-market motion is enterprise-direct field sales to banks and government entities, distributed through the Q-Cash consortium and direct contractual relationships. ITC is currently executing a strategic capacity expansion — the ITC Tower project at Tejgaon — a 14-story facility with a dedicated data center intended to provide local data hosting and cloud services to the Bangladeshi financial industry, financed via a combination of Taka 76 Crores of internal funds and Taka 204 Crores of bank term loan against a Taka 280 Crores total project cost.

Name

IT Consultants

Legal name

IT Consultants PLC.

Website

https://itcbd.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

101–250 employees

Short description

IT Consultants PLC is a Bangladesh-based Licensed Payment System Operator (PSO) providing ATM/POS transaction switching, card management, payment gateways, and mobile FinTech (Qpay) services to banks, government bodies, and retailers across the Q-Cash consortium network.

Ownership category

akta.pro rank

Product category

Payment Processing Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

akta.pro primary industry

Integrated Payment Processors (PSP/Acquirer) (FSAMABAA)

akta.pro secondary industry

POS Payment Software & Middleware (Terminal OS, Apps, Device Management) (FSAMADAC)

Keywords

• Payment processing services
• ATM network services
• Card management solutions
• Payment gateway services
• POS terminal solutions

Headquarters

HQ city

Badda

HQ country

Bangladesh

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Transaction Processing Services: Fees generated from processing ATM, POS, and e-commerce transactions across the Q-Cash network.
2. Card Management Services: Card issuance and management services for banks and financial institutions.
3. IT Infrastructure Solutions: Technology infrastructure solutions provided to banks and financial institutions.
4. Q-Cash Consortium Services: Membership and services provided to consortium members including ATM driving, POS services, and EMV card management.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

IT Consultants PLC operates as a Licensed Payment System Operator (PSO) in Bangladesh, providing electronic payment and transaction processing services. The company deploys and operates payment infrastructure including ATM networks, POS terminals, card management systems (TranzWare CMS), and payment gateways to banks, financial institutions, government organizations, and retailers. It also offers a mobile FinTech application (Qpay) and end-to-end payment services across the Qcash national payment network.

Product overview

IT Consultants PLC (ITC) operates as a Licensed Payment System Operator (PSO) offering an end-to-end payment services platform in Bangladesh. The product portfolio centers on the Qcash brand, which encompasses a comprehensive suite of payment solutions including transaction switching infrastructure, card management (via TranzWare CMS), POS terminals, and the Qpay mobile FinTech application. Additional offerings include the Q-Cash Payment Gateway for e-commerce, Postal Cash Card for government postal financial services, and Biometric ATM Solutions targeting rural banking expansion. ITC's solutions enable banks, financial institutions, government organizations, and retailers to process ATM withdrawals, POS transactions, card management, and electronic payments across Bangladesh's payment networks.

Differentiator

Problem solved

Functional benefit

Brands

• Qcash: Financial inclusion and payment services brand operated by IT Consultants PLC.
• Qpay

Products and services

• Qcash Home-grown payment network and brand encompassing ATM, POS, card management, and e-payment services across Bangladesh, targeting banks, financial institutions, government organizations, and retailers.
• Qpay Mobile FinTech application enabling phone-based financial transactions and digital payments for consumers and merchants.
• POS Terminal Solutions Point of Sale terminal solution providing payment acceptance services for merchants and retailers across Bangladesh.
• Transaction Switching Core transaction processing infrastructure enabling ATM, POS, and payment network connectivity across Bangladesh for banks and financial institutions.
• Card Management System (TranzWare CMS) TranzWare CMS-based system providing automated back-office functions for card issuance and management, delivered to banks and financial institutions.
• Biometric ATM Solution ATM solution enabling user-friendly banking through biometric authentication, designed to reach rural populations for banks and financial institutions.
• IT Infrastructure & Solutions IT infrastructure services supporting business applications and operations, delivered to banks, financial institutions, and other enterprise clients.
• Q-Cash Payment Gateway Secured payment gateway enabling e-commerce transactions and online payment processing for merchants and financial institutions.
• Postal Cash Card Digital payment card solution provided in partnership with Bangladesh Post Office to support financial inclusion across postal networks in Bangladesh.

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Two partnerships are on record, tiered core.

• Citizens Bank PLCcoreStrategic or Co-development Partner · 29 November 2021Citizens Bank PLC joined Q-Cash Consortium as the 36th member on November 29, 2021. As a member, Citizens Bank receives ATM & POS driving, EMV Card Management, e-Commerce issuing & acquiring facilities, and e-Payments services. The bank is also connected to the National Payment Switch Bangladesh.
• Woori Bank BangladeshcoreStrategic or Co-development Partner · 13 December 2015Woori Bank Bangladesh joined Q-Cash Consortium as the 30th member on December 13, 2015. The partnership enables Woori Bank to access ATM, POS, Card Management and e-payments services, introduce chip-based EMV Debit, Credit and Prepaid cards, and connect to the National Payment Switch Bangladesh.

Scale indicators5 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• ACI Worldwide: Global provider of real-time payment processing software and ATM/POS switching — directly analogous to ITC's transaction switching and card management software. Serves banks and financial institutions worldwide with comparable core technology.
• Visa Inc. Global card network and payment processor operating at vastly larger scale. Provides competing card schemes and processing infrastructure that connect to ITC's member banks via the National Payment Switch Bangladesh.
• Worldline: European payment processor and merchant acquirer offering ATM/POS processing and payment gateway services. Overlaps with ITC's full-stack payment infrastructure offering including Q-Cash Payment Gateway, POS terminals and CMS.
• Mastercard: Global payments network that issues and acquires through banks including ITC's Q-Cash consortium members. Represents a broader incumbent alternative to ITC's TranzWare CMS and transaction switching in the EMV card processing stack.

Emerging players

• i2c Inc. Provider of payment processing and card issuing platforms for banks and fintechs globally. Competes in the same back-office card management and payment infrastructure space as ITC's TranzWare CMS.
• Marqeta: Modern card-issuing and payment processing platform serving fintechs and banks. Addresses similar card management and embedded payment use cases as ITC's Q-Cash consortium offering, though primarily in Western markets.
• Network International: Middle East/Africa payment processor with merchant acquiring and card issuing technology comparable to ITC's TranzWare CMS and Q-Cash platform. Operates in emerging markets similar in payment-infrastructure maturity to Bangladesh.

Direct peers

• bKash: Bangladesh's dominant mobile financial services platform with 60M+ accounts, processing peer-to-peer and merchant payments. Operates within the same Bangladesh digital-payments ecosystem where ITC provides ATM/POS switching and Qpay competes for mobile wallet share.
• Nagad: Bangladesh Post Office-backed mobile financial services provider operating in agent banking and digital payments. Competes directly with ITC's Postal Cash Card and Qpay offerings for bank-led payment service volumes in Bangladesh.
• Dutch-Bangla Bank (Rocket): Bangladesh commercial bank that pioneered agent banking and mobile finance through Rocket. As a bank-led payment services provider (alongside ITC's bank consortium model), it competes for similar end-customer payments and merchant acquiring volumes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IT Consultants