OxiCash, an online wallet service by the payments solutions provider Oxigen Services India, has partnered (pdf) with National Payments Corporation of India (NPCI) to launch a non-banking money transfer service – OxiCash Money Transfer.
While the deal period of the partnership was not disclosed, OxiCash informed that this service will allow users to transfer money to any bank account and receive money from any bank to its wallet. These transfers will be done through Interbank Mobile Payment Service (IMPS) and the company claimed that these transfers will be instant and real-time. However, the transfer limits for this service is not clear yet.
Interestingly, Oxicash also claims that this is India’s first non-banked wallet approved by the Reserve Bank of India (RBI), although contrary to its claims, Western Union also offers a similar service in the country.
The service is currently available across India through the Oxigen website, its Android app and via SMS. Through this service, Oxicash will be offering three types of transactions:
– OxiCash to beneficiary’s bank account using bank account number and IFSC code. The company claimed that 27 banks are currently live to execute Money Transfers from Oxicash to the beneficiary’s bank account through this method, with 14 more banks in the pipeline.
– OxiCash to beneficiary’s bank account using bank account number and mobile number. 55 banks are live for money transfers between OxiCash wallet and bank accounts using mobile number with six banks in the pipeline.
– Bank accounts to OxiCash eWallet using registered mobile number and MMID (Mobile Money Identifier). 55 banks are live for money transfers between bank accounts and OxiCash wallet using the Oxigen registered mobile number and and mobile money identifier, with six banks in pipeline.
Other Prepaid Wallets
In January 2013, State Bank of India launched Mobicash Easy, a prepaid mobile wallet service that allows users to transfer funds and make bill payment, among others. Airtel offers a semi-closed mobile wallet service which allows Airtel customers to pay utility bills, recharge their phones, shop at merchant outlets, make online transactions and make instant money transfers between one Airtel money wallet to another and to bank accounts across the country.
Other players in the prepaid wallet segment include My Mobile Payments, which launched a semi-closed m-wallet in November 2011, Loop Mobile which partnered with ZipCash to offer a mobile payments service, and Nokia Money, which had shut down earlier this year only to be acquired by mobile financial services firm FINO.