More than 60% Unbanked masses of 1.2 billion Indians can now INSTANTLY Transfer and Receive Money across India.
Oxigen launches OxiCash Money Transfer,
India’s First Non – Banked Mobile Wallet
That Powers the Unbanked masses to Transfer Money.
History jointly created by National Payments Corporation of India and Oxigen.
OxiCash unveils its Instant Money Transfer Service. A service that enables the unbanked masses of India, to transfer money without any hassles to any bank account and receive money into the Wallet 24 x7.
This service is a boon to the underprivileged segment of India’s population, who have been unable to avail the benefits of money transfers due to non-availability of Bank account. They would all now be able to transfer and receive funds from any bank into the OxiCash Wallet.
These money transfers are instant & made on real time , and is made possible by NPCI, using IMPS (Immediate Payment Service).
The tie up of NPCI with Oxigen’s mobile e-wallet, ”OxiCash”, makes OxiCash India’s First Non Banked wallet (approved by RBI), to make Instant money transfers to any bank, receive funds into the OxiCash Wallet from any bank, anytime, anywhere, 24*7!
Speaking at the occasion, Mr Pramod Saxena, Chairman & Managing Director, Oxigen said,” It is indeed a proud moment for Oxigen, to be a pioneer, once again! Having launched India’s first wallet OxiCash in 2008, and now with NPCI, Oxigen is the “India’s First” , in mobile payment space, to launch an Instant 24×7 money transfer service, using IMPS on the OxiCash wallet. We are happy that our pioneering efforts continue to facilitate financial inclusion. The OxiCash money transfer service would be available at more than 100 thousand Oxigen retailers across the country to help the unbanked masses with an instant remittance service “.
Mr A.P Hota, MD and CEO of National Payments Corporation of India, announced ,while inaugurating the service,“This is an unique experiment of inter-operability between bank accounts and wallet accounts. A new vista of financial transactions open up with this project.”
The tie up for Money Transfers between NPCI and Oxicash would be 3 fold:
1. OxiCash to Bank Account using beneficiary’s Bank account number and IFSC code :
27 banks are live on date, to execute Money Transfers, from OxiCash to any Bank Account as specified by a customer using the Beneficiary’s Bank account number and Bank IFSC code, as listed in http://www.npci.org.in/
2. OxiCash to Bank Account using Beneficiary’s Mobile Number and Mobile Money ID (MMID) :
55 major Banks are live on date,to execute Money transfers from OxiCash to any Bank account where the customer specifies the Beneficiary’s Mobile Number and Mobile Money ID (MMID), which is issued by Banks, as per list given in http://www.npci.org.in/
3. Bank Account to OxiCash eWallet using OxiCash registered Mobile Number and MMID (8888888):
55 major banks are live on date, to execute Money transfers from a Bank account to OxiCash wallet where customer specifies the Beneficiary’s OxiCash Mobile Number and Mobile Money ID (MMID) as 8888888, as per list given in http://www.npci.org.in/
Additionally, a customer can also transfer funds from an OxiCash wallet to another OxiCash Wallet
Customers now need not wait for a long periods of time to get refunds. They also benefit from this service’s Instant refunds system.
OxiCash Money Transfer service is available both Online ( www.oxicash.in) and on mobile, using a Mobile Application (Android application) and available on simple text SMS also.
This wallet is available pan India and can be created over a simple SMS.
The OxiCash wallet can be funded initially at any of Oxigen’s 1,00,000 retail touch points or through IMPS without visiting any retail touch points.
The steps to use OxiCash Money transfer services are easy and as follows:
On the OxiCash Website, www.oxicash.in
1. Click on INSTANT MONEY TRANSFER tab
2. The customer selects the payment type as per choice: Using Account Number/IFSC Code or MMID/Mobile Number Combination
3. The customer selects the option Wallet to Any Bank (Account Number)
- The customer logs on using his/her wallet number and the OxiCash Password
- The customer enters the beneficiary account number and the IFSC Code
- The customer enters the OTP received to authenticate the payment
- The money transfer is done and updated balance is displayed on the screen
4. The customer selects the option
5. The customer selects the option Wallet to Any Bank (MMID)
- The customer logs on using his/her wallet number and the OxiCash Password
- The customer enters the beneficiary mobile number and MMID
- The customer enters the OTP received to authenticate the payment
- The money transfer is done and updated balance is displayed on the screen
Using Mobile Banking
To Send money, the customer uses either a combination of Mobile Number and MMID or Account Number and IFSC Code.
1. The customer wants to send money using Account Number and IFSC Code
2. The customer wants to send money using Mobile Number and MMID
Company Information:
About Oxigen:
Oxigen Services India Pvt. Ltd. an ISO 9001:2008 certified company, is India’s First and Largest Payments Solutions Provider.
Oxigen is in the business of service aggregation, distribution and payment processing/collections for a number of Operators , Services Providers and Banks , pan India . The services include: Prepaid, Postpaid & Subscription based services like Mobile Recharge, Bill Payments , Ticketing and Subscriptions for all leading Telecom operators, Direct-to-home TV Operators, Internet Broadband Service providers, Railways/ Airlines/Bus/Movie Ticketing, Bill Payments (for Utilities, Post-paid Bills, Landline bills), Prepaid Value-added services, Subscription services (Music & Movie downloads ,Internet Packs, Magazines etc) Donations, Calling Cards, Insurance and a large bouquet of Banking services on a single platform.
Oxigen has a retail footprint of 100,000 outlets & has 30 million transactions per month. Oxigen works closely with SBI, Yes Bank Money, ICICI, and many other banks, for a variety of services like Money transfer, Banking Kiosks , Account opening , UID related Aadhar cards, etc.
Oxigen provides merchant payments to many such telecom operators, bank-led m/e-Wallets and online Banking portals like Airtel Money, ICICI Quick Shopping, SBI, HDFC, Corporation Bank and many more.
Oxigen has joint hands with Banks for enablement of various services like SBI Kiosk Banking, ICICI Bank for Saral Money Card & Yes Bank for Money transfer services, at Oxigen Outlets,.
Oxigen is also the technology provider for India’s first Full Service eWallet from State Bank of India called MobiCash, with cash-in/out, peer to peer, wallet to any Bank, Merchant payments as well, and has also as partnered to ensure market availability of MobiCash at Oxigen retail.
About NPCI:
NPCI is a registered company under Section 25 of the Companies Act, 1956. It is promoted by 10 banks in India under the aegis of the Indian Banks Association with majority shareholding by Public Sector Banks. It has been identified by Reserve Bank of India (RBI) and Indian Banks Association (IBA) as the umbrella organization for all retail payment systems in the country. The 10 promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Bank of India, Union Bank, ICICI Bank, HDFC Bank, Citibank and HSBC. www.npci.org.in
