wordpress blog stats
Connect with us

Hi, what are you looking for?

Oxigen PoS to upgrade Jan Dhan Yojana services for payments

atm

Payment solutions provider Oxigen Services has introduced ‘Super PoS’, a device that will upgrade a network of 200,000 locations under the Jan Dhan Yojana. According to the company, it will bring the platforms of financial inclusion, cards payment and recharge/bill payments on the PoS device.

The Super PoS will have micro ATMs according to UIDAI/NPCI specifications, a biometric reader for Aadhaar transactions and eKYC, a built in NFC with tap and pay debit card and magnetic swipe for Rupay, VISA, MasterCard debit and credit cards. The PoS has GPRS and a SIM card slot and 2 smart card slots, with LAN and WiFi options along with a built in printer for customer receipts.

It will also support money transfer, IMPS, Oxigen wallet, insurance and mutual fund services, Aadhaar and Jan Dhan accounts, merchant payments and mobile payments via SMS and USSD. The Bharat Bill payments system, a recharge and bill payment app, will be pre-installed on the machine.

Oxigen claims that the services can be used by the banking, telecom and utility bill payment industries, along with industries which use Aadhaar services like pensions and provident funds, government CSCs, chain stores, retailers, banking kiosks and money transfer agents. The Super PoS, running Linux, will be able to support a keyboard through USB. It has a battery backup of 8 hours for continuous usage and several days of standby, apparently.

Oxigen claims that the PoS currently serves 150 million customers, does 600 million transactions annually with 1.3 million Jan Dhan accounts.

Advertisement. Scroll to continue reading.

NPCI tie up
In September last year, Oxigen tied up with National Payments Corporation of India (NPCI) to launch eKYC service to the market. At that time, the company had claimed to be the first non-bank to launch eKYC services. Customers could sign up for the service by providing their Aadhaar card number and swiping their finger at a biometric scanner at select Oxigen outlets connected to its point of sale terminals or PCs. Following this, Oxigen verified the customer’s Aadhaar number and their biometric information with Aadhaar database.

OxiCash Money Transfer
Oxigen had previously partnered with NPCI to launch a non-banking instant money transfer service called OxiCash Money Transfer. The company had then mentioned that this service will allow users to transfer money to any bank account and receive money from any bank to its wallet. These transfers were done through Interbank Mobile Payment Service (IMPS).

Dismal state of POS terminals in India
According to the Reserve Bank of India (RBI), currently there are only two companies in India which are prominent  players in the PoS terminals market: Verifone and Ingenico. India has an abysmal number of point-of-sale terminals at merchants and according to latest RBI data, the total number of POS terminals in the country are 1,125,675 as of April 2015. Compare that to 564,707,913 debit cards and 21,288,891 credit cards in circulation. It’s therefore no wonder that an Ernst and Young report points out that the country has the lowest POS terminal penetration in the world.

Also read: “It’s baffling why RBI excluded PPIs from payments bank licenses” – Oxigen’s Pramod Saxena

Image Credit: Flickr user William Grootonk

Advertisement. Scroll to continue reading.
Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ