Oxigen launches OxiCash Money Transfer

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 24/7.

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/impsIFSC3.aspx with 14 more banks in pipeline.
  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/impsmerpayp2p.aspx, with remaining 6 banks in pipeline.
  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/impsmerpayp2p.aspx with remaining 6 banks in pipeline.

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.