Tuesday, Sep 16, 2014

Soon you can withdraw cash from convenience stores, courtesy Oxigen

Soon you can withdraw cash from convenient stores, courtesy Oxigen Oxigen has now enabled users to share money over Facebook, Twitter and WhatsApp. Soon, it will introduce virtual Visa cards.
Written by Debashis Sarkar | New Delhi | Posted: August 13, 2014 9:28 pm | Updated: August 14, 2014 1:59 pm

Oxigen is aiming to increase the traction of mobile wallets (mWallets) in India through several new services. The payment solution provider has now enabled users to share money over social networking and messaging platforms like Facebook, Google+, Twitter and WhatsApp by using the iOS or Android application without needing the receiver’s bank account details.

Users can also send money to a non-wallet user by selecting the receiver from their social network or email and can also send photos, videos and messages along with transfer.

As of now, mWallets users can recharge their mobile phones, play utility bills, shop online and transfer money to bank accounts. In the near future, Oxigen is looking forward to enable users to withdraw cash from biometric ATM-like machines from convenience stores across the country. Also, it will enable users to create virtual Visa cards for Internet transactions.

With the vision of ‘banking the unbanked’, the company will allow people, especially in tier two cities and rural areas, to withdraw cash from their mWallet through biometric and UID authentication at cash dispensing machines. Oxigen is already carrying out pilot projects in Bihar and Orissa and plans to introduce the service soon.

Explaining the process, Pramod Saxena, founder, chairman and MD, Oxigen Services India Pvt. Ltd. said, “We want to make financial transaction as easy and user-friendly as possible and also play a part in financial inclusion. The cash out service will enable users to send money to any person. At cash dispensing machines, the receiver has to provide their Aadhaar card number and undergo biometric verification to withdraw cash.”

oxigen virtual visa card A sample virtual Visa card.

To enable online Visa transactions, Oxigen will soon add a provision to generate virtual Visa cards for one-time use, which will have a 16-digit virtual Visa account number, online transaction password, CVV number and date of expiry. “We will tie-up with a bank to generate virtual Visa cards on-the-fly which can be used on e-commerce sites and mobiles apps. We will launch this service in October,” said Sunil Kullarni, Dy. MD of Oxigen Services India Pvt. Ltd.

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