Payment solutions provider Oxigen Services, in partnership with Fastacash, has launched their social mobile wallet service, Oxigen Wallet in India.
The service allows users to gift or lend money through popular social network sites and messaging platforms including Facebook, Twitter, LinkedIn, Google+, WhatsApp, and the like. It can also be used for shopping, mobile recharging and making bill payments.
The advantage of the service is that users can transfer the money without disclosing the bank details. The service is available 24×7, allowing users to send/receive money during off hours.
Oxigen has been associated with National Payment Corporation of India (NPCI) to facilitate money transfer through non-traditional channels. Now in 10th year, Oxigen has processed over 2 billion payment transactions exceeding Rs 20,000 crore through these channels.
With the latest Oxigen Wallet service, the company wants to explore opportunities in social media, which over the past couple of years, has emerged as the most successful medium of communication among urban users, said Pramod Saxena, founder, chairman and MD of Oxigen Services India.
Oxigen Wallet will be competing with mobile payment solutions like Google Wallet, PayPal, and a number of services provided by leading telcos in India. Though the app is free of cost, there will be a service charge of 1.5 percent while loading the money and another 1.5 percent for cash out services.
The service is secured through multiple levels of encryption, company officials said.
Oxigen Wallet can be used by anyone by simply downloading the application and loading cash in their account. To send money, all they have to do is to select the friend from the friend list and add details such as amount to be sent, custom message if any and photo (optional). The recipient can instantly withdraw the amount by downloading a link that is sent along with the message.
The service is supported by NPCI’s mobile banking platform IMPS that facilitates instant money transfer across 60+ banks in India.
The service is currently available in Apple App store, Google Play Store as well as the company website. The Android version will be available from today, whereas the iOS and Windows versions will be available in a week’s time.
“The unique social connect brought to us through our exclusive partnership with Fastacash, places Oxigen Mobile wallet distinctly apart from any other player in the market. Merging payments with social and mobile will change the way people pay for their everyday needs,” said Saxena.
“With Oxigen Wallet, we are able to bring our innovative solution to the Indian consumer, who will now, for the first time, be able to securely share money and airtime with friends and family, across any social network and messaging platform”, said Vince Tallent, chairman and CEO Fastacash.
With Oxigen Wallet in hand, the company expects to generate transactions worth over 8000 crores during the FY 2014-14, Saxena added.
