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

Payment 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…

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