Update: Speaking to MediaNama, Oxigen’s chairman, Pramod Saxena explained how the wallet works and said that all loyalty points from Future Group will be stored on Future Pay. If a customer does not have enough loyalty points to complete the purchase, they can load additional funds through the Oxigen Wallet.
As such, the loyalty points will be stored on a closed wallet and funds can be added from a semi-closed wallet from Oxigen.
He further explained that every time a user signs up for Future Pay, they will also get an Oxigen Wallet. Saxena said that it will be signing up with other retail groups to bring their loyalty programmes on their platform, and this way increase the number of wallets from Oxigen and increase usage.
Earlier: Retail conglomerate Future Group has launched Future Pay, a digital loyalty wallet which can be used across Big Bazaar, Ezone and Home Town, powered by Oxigen Wallet. Customers can load money via credit card, debit card, netbanking, or offline by paying cash at Future Group stores. It’s worth noting that Future Group already has a separate deal with Payback for its loyalty card program, which will now be linked to the Future Pay app.
This is not their first partnership with Oxigen: in February, the Future Group had tied up with Oxigen to let their retailers sell goods from Big Bazaar Direct through Oxigen’s physical stores. However, in August, it shut down Big Bazaar Direct
What kind of a wallet is this?
It’s not clear whether this is a closed wallet – i.e., one that can only be used at Future Group’s stores – or if it is a semi-closed wallet which can be used at other stores. We have contacted Oxigen (which has a semi-closed wallet license from the RBI) for a clarification and will update once we hear from them. Note that Future Group also has a deal with Payback for its loyalty card program, and the company says that these loyalty cards will be linked to the the Future Pay app. The app also comes with exclusive offers and deals.
Future Pay is currently available only on Google Play store.
Oxigen hiving its wallet business
In November 2015, Oxigen Services said that it would be hiving off its online businesses, which includes its digital wallet, into a separate entity known as Phi Enterprises. At that time, Oxigen’s deputy managing director Sunil Kulkarni told MediaNama that the company had planned to de-merge the online business as part of its payments bank licence application.