A service that enables the unbanked masses of India, to transfer money without any hassles to any bank account and receive money into the Wallet 24 x7. This service is a boon to the underprivileged segment of India’s population, who have been unable to avail the benefits of money transfers due to the complicated and lengthy process of opening a Bank account, involving KYC documentation. They would all now be able to transfer and receive funds from any bank into the Oxigen Wallet.
These money transfers are instant & made on real time, and has been made possible by NPCI, using IMPS (Immediate Mobile Payment Service).
No Un-Banked mobile wallet in the world today, is permitted to transfer money to and from Bank accounts.
The tie up of NPCI with Oxigen’s mobile Wallet, ”Oxigen Wallet”, makes Oxigen wallet , the India’s First Non Banked wallet (approved by RBI), to make Instant money transfers to any bank, receive funds into the Oxigen Wallet from any bank and also permitting inter wallet fund transfers, anytime, anywhere, 24*7!
Now, any one, be it a migrant worker or a college student away from home can transfer and receive money in a jiffy. So far, no wallet in the world was enabled with these 360 degree solutions.
The tie up between NPCI and Oxigen Wallet is 3 fold:
- Oxigen Wallet to Bank Account using beneficiary’s Bank account number and IFSC code (27 banks liven http://www.npci.org.in/impsIFSC3.aspx with 14 more
banks in pipeline)
- Oxigen Wallet to Bank Account using Beneficiary’s Mobile Number and Mobile Money ID (MMID) (55 Banks live http://www.npci.org.in/impsmerpayp2p.aspx
with remaining 6 banks in pipeline )
- Bank Account to Oxigen Wallet using Oxigen Wallet registered Mobile Number and MMID (8888888) http://www.npci.org.in/impsmerpayp2p.aspx
with remaining 6 banks in pipeline
- Oxigen Wallet to Oxigen Wallet
Oxigen Money Transfer service is available both Online ( www.oxicash.in) and On-mobile, using a Mobile Application (Android Client) and on simple text SMS also. This wallet is available pan India and can be created over a simple SMS. The Oxigen Wallet can be funded initially at any of Oxigen’s 1,00,000 retail touch points.
A customer also benefits from this service’s Instant refunds system. Customers do not need to wait anymore to get refunds, unlike the long wait periods running into a few days at banks when using NEFT or RTGS methods for fund transfers.