People will now be able to share money with their friends and family over their preferred social media networks and messaging platforms like Facebook, WhatsApp, Google+, and Twitter. They will also be able to use their wallet to recharge their mobile phones, pay bills and shop across a large number of online merchants.
Oxigen, which has processed over 2 billion payment transactions exceeding Rs. 20,000 crores, through small retail, modern retail chains and banking websites and has revolutionised money transfer services for the unbanked population through its connect with National Payment Corporation of India (NPCI), sees the potential of social media usage to bring innovative solutions to the market and simplify payments.
Oxigen serves several hundred million mobile customers at retail, processing nearly half a billion transactions annually, has already acquired 1.5 million mobile wallet accounts, clocking close to 1 million transactions a month. Ranked number 1, on NPCI’s mobile banking platform IMPS, facilitating Instant Money Transfer across 60+ banks, Oxigen now sees the opportunity to leverage the social connect to India’s 900 million mobile users and 100 million Facebook accounts, where the youth is rapidly adopting social media apps like WhatsApp, Twitter etc.
By using the Oxigen Wallet service, which is currently available through Apple Store & Google Play Store and the web, users can now easily send money to their friends and family using their favorite social channel, without ever needing the receiver’s bank account details. Along with money, users can also send photos, videos, and audio and text messages to personalize the transfer. In the coming weeks, users will also be able to gift or ask for a mobile recharge.
Given the social nature of the service, it will find a high usage amongst the youth who go out for meals with their friends, split bills, send smaller but more frequent gifts to one another. In addition, they can also use the service for their own mobile recharges, bill payments and for payments on merchant sites (for movie tickets, to book travel tickets, pay for pizza, get music & movie downloads, etc.).
“The unique social connect brought to us through our exclusive partnership with Fastacash, places Oxigen Mobile wallet distinctly apart from any other player in the market. Merging payments with social and mobile will change the way people pay for their everyday needs. We will continue to evolve the service by adding more products & features, thereby creating an ecosystem for payments where you will no longer need multiple mobile apps for payments of different services. In other words, a single mobile app will meet all your payment needs and set money free, in its true senses”, said Pramod Saxena, Founder, Chairman & Managing Director of Oxigen Services (India) Pvt. Limited.
“We believe that social is going to play a critical role in the adoption of new technologies, especially as it relates to payments. India’s youth is adopting new services and technologies at a rapid pace. They are using their mobile devices to access content and stay connected through social platforms like Facebook, WhatsApp, Viber, Twitter, among others. With Oxigen Wallet, we are able to bring our innovative solution to the Indian consumer, who will now, for the first time, be able to securely share money and airtime with friends and family, across any social network and messaging platform”, said Vince Tallent, Chairman & CEO Fastacash,”.
“Having Oxigen join our network of global partners, we will leverage our common local market expertise, global presence and focus on innovation, to continue to deliver services that simplify payments. Through our long term partnership, we will work towards our common vision of providing innovative solutions and a great user experience for social payments”, continued Vince Tallent.
Security is at the crux of the technology, and each feature comes in built with multiple layers of security, making this new wallet service an extremely secure way to transact. This service is bank and operator agnostic; which means that everyone on a mobile irrespective of telecom operator can download the app and use the Oxigen Wallet. A consumer can also easily send money to a non-wallet user by simply selecting the receiver from their social network, email or phone list.
Oxigen Wallet looks at leading the mobile wallet and app space. We expect that the Oxigen Wallet™, accessible through any mobile device and computer, will deliver a single payment wallet experience, thereby collapsing multiple payment apps used today, into one single mobile wallet and app – “Your Oxigen Wallet”.