Oxigen Services India Private Limited, a well known entity in Payment solutions today announced the launch of India's first social mobile wallet service, Oxigen Wallet. With the new service, people will now be able to share money with their friends and family over their preferred social networks and messaging platforms like Facebook, WhatsApp, Google+, and Twitter. This unique social connect is provided by Singapore based firm Fastacash. Users will also be able to use their wallet to recharge their mobile phones, pay bills and shop across a large number of online merchants.
Started in 2004, Oxigen has processed over 2 billion payment transactions exceeding Rs. 20,000 crores, through small retail, modern retail chains and banking websites by simplifying money transfer services for the unbanked population through its connect with National Payment Corporation of India(NPCI.
Oxigen Wallet service, which is currently available through Apple Store & Google Play Store and the web, lets users easily send money to their friends and family using their favorite social channel, without ever needing the receiver's bank account details. Money transactions are carried out with multiple layers of security, making this new wallet service an extremely secure way to transact. 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.
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.