Oxigen makes Strategic Suggestions to drive Financial Inclusion under RBI Pilot Scheme

Oxigen logo - 3 linesNew Delhi, July 1, 2014: Oxigen Services India Pvt Ltd, established in 2004 is a key player in Financial Inclusion space by virtue of being a BC to two large banks and also the pioneer in developing a Mobile wallet platform. The launch of its domestic Money Transfer Service using NPCI connect has grown significantly since its launch just a year back to take leadership position and continues to grow month on month. The Company is presently undertaking an RBI initiated Pilot. 

Pramod Saxena, Chairman and Managing Director, Oxigen Services India Private Limited, revealed that Oxigen is presently undertaking an RBI initiated Pilot to demonstrate the technology and proof of concept for the working of Cash out infrastructure in deep rural in Orissa, Bihar and Eastern UP. Just two months into the pilot it has already established a network of rural retailer points using its GPRS Point of Sale terminal with biometric serving several villages in these states. Transactions which need to have Aadhaar linked-id for sender and receiver have started. Mr Saxena also reiterated that as of 2014  barely 250,000 villages out of 650,000 villages have banking services leaving the rest financially excluded. The task before the Banks and partners like Oxigen is gigantic.

 There is a definte need for the Government to be more proactive in introducing measures to give an impetus to this task.  He urged that this work be treated at par with Infrastructure industry as what we are doing is creating infrastructure for a rural payment ecosystem. The incentives should be extended to this industry as it requires a huge investment not only in hardware but soft investment in financial Literacy, customer education, training and retail support. Currently service tax exemption exists for Business Correspondence services in rural areas. This should be extended to all kinds of electronic payments systems. Apart from that by awarding infrastructure status to payment industry, it should qualify for priority sector lending.

Financial Inclusion is a subject that is engaging the attention not only in India but globally. Its importance in the development of India’s economic growth is well recognised.


About Oxigen Services (India) Private Limited : 

Oxigen Services India Pvt. Ltd. an ISO 9001:2008 certified company, is India’s Largest Payments Solutions Provider. Oxigen is in the business of service aggregation and distribution ,mobile an online payment processing and provides money transfer. This business is built to service the nation’s Telecom/DTH Operators, multiple Services Providers and Banks, pan India. Oxigen has a retail footprint of 150,000 outlets and processes over 40 million transactions per month. A large spectrum of services are integrated into a single transaction platform, including Prepaid, Post paid & Subscription based services like Mobile Recharge, Bill Payments, Ticketing and Subscriptions for all leading service providers across a wide spectrum of industries, like, Telecom, Direct‐to‐home TV, Internet Broadband, Travel (Railways/ Airlines/Bus) Cinema/Movie Ticket, Utility Bill Payment, Gaming, Music & Movie downloads,etc.

Oxigen works on Financial Inclusion and is a Business Correspondent to India’s premier banks, SBI Yes Bank and ICICI banks, enabling services such as account opening deposits /withdrawals and money transfers, and reaching these services to villages through multiple marketing engagement drives with a CSR (health) focus.

The company works closely with banks and regulatory bodies for enablement of various microfinance initiatives, of the Government of India, to promote services like BC or Kiosk Banking, UID related Aadhaar, NPCI/IMPS based Money transfer services, Electronic Benefit transfers, and more.

Oxigen’s Mobile Wallet “Oxigen Wallet” is India’s First Non Banked Mobile Wallet, approved by RBI, that is enabled to make Instant Money Transfers, to nearly 60+ banks using NPCI’s Immediate Payment Service (IMPS). 170+ Banks are also enabled for NEFT payments.

 Oxigen also provides Online and on Mobile Merchant Payments services, using Oxigen’s signature white‐label solution, to many telecom operators, bank‐led m/e‐Wallets and online Banking portals like Airtel Money, Vodafone mpesa, ICICI Quick Shopping, SBIonline, HDFC, Ing Vyasa, Corporation Bank and many more.

Visit us online at www.myoxigen.com  And www.oxigenwallet.com