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Oxigen enables money transfer via social networks with Fastacash tie-up


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OxigenPayment solutions provider Oxigen Services India launched a social mobile wallet service today called Oxigen Wallet, by partnering with Fastacash. Oxigen has 1.5 million mobile wallets and claims to clock 1 million transactions per month. The service can be accessed via its Android app, iOS app or webpage.

It’s not very clear how exactly the social payment service works: There is no information on Oxigen Wallet’s website, but a press release says that payments can now be made over social networking and messaging platforms like WhatsApp, Facebook, Google+ and Twitter, without needing the receivers bank account details. We haven’t been able to find any information on it, but Fastacash has a video on how its payment solution works, here.

How the Oxigen app works

A user can sign up for the service either through its website or directly via its Android or iOS app. The user’s mobile number is used to verify and tie-up with the account. The signup is simple enough but oddly, the service only allows for the use of a 6 digit numerical password. On login options to transfer money, recharge and pay bills are prominently displayed.

The transfer money tab opens a page where the user can enter the amount to be transferred and the method via which the money is transferred. Transfer options include via the beneficiary mobile number, bank and account number or via the bank MMID method. Optionally, pre-existing contacts can be selected from a drop down list to transfer the money to. The transfer money tab also lists an option to load money into one’s account via IMPS or credit/debit cards.

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The recharge tab opens a user page with options to recharge any mobile phone of 14 mobile operators including Airtel, BSNL, Docomo, Reliance CDMA and GSM, Idea and MTS among others. It also allows the user to recharge the phone of an existing contact. Similarly, prepaid cards for DTH operators including Airtel TV, Sun TV, Big TV, TataSky and VideoconD2H along with data cards from MTS Blaze, Reliance Netconnect and Tata Photon can be purchased via this tab.

The pay bills options is similar to the recharge option, letting a user pay postpaid mobile, landline, data card and electricity bills for self or for an existing contact. The company claims to have a tie up with more than 2000 websites where Oxigen wallet can be used to make payments, including BookMyShow, Dominos, IRCTC, eBay etc. Both the app and the desktop version offer the same services, although the Android app is far more polished.

We couldn’t find any info related to social sharing.

Oxigen Timeline:

-Oxigen started offering its services in India in 2004 with payment solutions for mobile recharges, booking air/rail/bus/movie tickets, donations etc. on its platform.

-The company had partnered with World Dating PArtners, to launch a new matrimonial and dating website MyCupid.in back in 2010.

The company had also entered into a partnership with Nokia in 2012 to allow users to renew their Nokia music subscription via Oxigen.

-In August 2012 the company acquired 51% stake in United Villages Network Pvt Ltd, a distributor of goods that use mobile technology in rural markets.

-The same year the company announced Mini ATM devices that act as mobile point of sale terminals called OxiShaan. The devices was intended to allow people in rural areas to withdraw money without visiting an ATM.

Competition:

– PayU India claims to have more than 8500+ websites that accept payment with PayUMoney, but it doesn’t appear to have a semi closed payments wallet license in Reserve Bank of India’s recent update on semi-closed prepaid wallets.

– UTI Infrastructure Technology and Services Ltd, a Government of India company had received a license from the Reserve Bank of India in March this year, allowing it to set up a prepaid payment wallet service.

– Mobile recharging company Mobikwik had integrated its mobile wallet into e-commerce websites such as Nykaa and eBay in June.

– Mobile financial and VAS company Mahindra Comviva had launched a digital wallet solution called the mobiquity Wallet this year in March.

– C-SAM, a mobile wallets and payment solutions company was acquired by MasterCard to help speed up the launch of its MasterPass wallet service.

Paytm had launched a Semi Closed wallet back in January, six months after having received a semi closed prepaid wallet license.

RBI had released draft guidelines for allowing digital payment platform to set up payment banks in July this year. The bank outlined various points such as the minimum paid up capital requirements, rollout obligations, limits to foreign shareholding and implementation of customer grievance cell among other things in the draft. Full coverage of the RBI guidelines can be found here.

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  • Mohammed Yasser

    Oxigen should focus on its customer service first. I sent a mail to Oxigen and requested them to change my registered mobile number. They never replied.

    I sent a mail to PayTM and they responded within 24 hours.

    There’s a reason why PayTM is the most popular payment solutions provider right now. EXCELLENT customer service.

    I use only PayTM now. Oxigen does not know what customer service means.

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