MUMBAI: OxiCash Wallet, a money transfer facility, has become the country’s first independent/ non-bank mobile wallet facility.
Launched by Oxigen Services on the IMPS (immediate payment service) platform of the National Payment Corporation, OxiCash is a real-time, round-the-clock facility that can be used even by a person without a bank account.
Launching the service, Reserve Bank chief general manager at the payments and settlement division, Vinay Chug said, for the first time, the country has seen electronic payments overtaking cheque payments in the just concluded fiscal, but did not offer details.
On the importance of popularizing the electronic payments systems, Chug said, on an average 5 billion mobile money transactions take place in a month in the country and said on a value point of view it would be many billions.
Chug also noted that still we are a cash-driven nation with as many as 95 per cent of deals taking place in cash mode.
OxiCash allows one to transfer and receive funds from any bank into the OxiCash Wallet. The tie up of NPCI with Oxigen’s mobile e-wallet.
Pramod Saxena head of Oxigen Services, which claims to be country’s first and largest e-payments solutions provider, said his company was the first company in the country to launch the wallet facility called OxiCash in 2008, and now with NPCI, Oxigen is the first non-bank mobile payment wallet service.
“OxiCash money transfer service would be available at more than 1 lakh Oxigen retailers across the country to help the unbanked with an instant remittance service,” he said. -PTI
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