Oxigen Wallet partners with HPCL for payments
Oxigen Wallet has partnered with Hindustan Petroleum Corporation Limited (HPCL) for payments at fuel stations. At present, 61 HPCL outlets across India, including New Delhi, Noida & Greater Noida, Gurgaon, Mumbai, Kolkata, Bangalore and Chennai are prepped to accept payments directly from the Oxigen Wallet mobile app. The company added that it will be extending the facility to more than 2,000 HPCL outlet to accept payments from the wallet.
Users intending to pay via the wallet need to give their mobile phone number at the counter. The number will be fed to a POS machine which will trigger an OTP. The user has to share the OTP at the counter again and the money will be deducted from Oxigen’s wallet.
MobiKwik launches eKYC
Digittal wallet MobiKwik has launched its eKYC facilities for its customers to upgrade their wallets. According to RBI norms, non-KYC wallets can store up to Rs 10,000 only per month. The limits are increased to Rs 100,000 with full KYC. MobiKwik users can upgrade their wallet with Aadhaar card in real time. Once a user requests eKYC on the app, a company representative will reach the user’s location to upgrade the wallet. MobiKwik will verify the customer’s Aadhaar number and their biometric information with Aadhaar data base.
RBI had allowed Non Banking Financial Companies (NBFC) to accept eKYC verification as a valid identification process in August 2014. This enabled NBFCs to accept e-Aadhaar cards via the UIDAI website as a form of authentication.
Barclays opens fintech innovation centre
Foreign lender Barclays has opened a fintech innovation centre in Mumbai called Rise. This is Barclays’ sixth Rise site globally, following the London, Manchester, New York, Cape Town and Tel Aviv hubs. Rise provides a physical site for innovative fintech companies, offering a co-working environment. A number of banks are looking at the fintech space closely. Recently, ICICI Bank and HDFC Bank have partnered with fintech companies to offer their customers new products.
HDFC Bank selected products from five fintech companies to be deployed in the bank as part of its Digital Innovation Summit. In April, ICICI Bank hosted an ‘Appathon’ where the bank gave access to more than 200 APIs from the ICICI Group to developers to create products.