Oxigen in conjunction with NPCI (National Payments Corporation of India), launched OxiCash at a press event held recently. OxiCash is a service that enables the unbanked masses of our country to transfer money effortlessly to any bank account and also receive money to a mobile wallet 24/7.
This type of service is aimed at helping the huge number of people in our country who are deprived of banking services or bank accounts to reap the benefits of easy money transfer facilities. Using this service, people can receive or transfer money from any bank in India to their OxiCash Wallet. Money transfers using OxiCash take place in real-time. This has been made possible by NPCI, using IMPS (Immediate Payment Service).
Approved by the RBI (Reserve Bank of India), OxiCash from Oxigen is India’s first unbanked mobile e-wallet service. At the launch event, Mr Pramod Saxena, Chairman & Managing Director, Oxigen was quoted saying, " 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 24x7 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 “.
A customer can transfer funds from an OxiCash wallet to another OxiCash Wallet too. OxiCash Money Transfer service also reduces the time taken for customers to get refunds as it uses an Instant refunds system. This service is available online, on SMS and also as an application for Android based phones. A user can create his wallet by simply using a text message on his/her mobile device. Oxigen has about 1,00,000 retail outlets or touch points in India where the OxiCash wallet can be credited initially.
As more and more banks and banking related firms are pushing their services online or creating new and innovative ones like OxiCash; would you consider about switching to these services for your primary banking transactions? What are your thoughts on this service?