Oxigen_Services

Oxigen Services

Oxigen Services

Indian fintech company

Oxigen Services is an Indian fintech company. It is involved in the micropayment of services and remittances in real time.[1][2]

Quick Facts Type of site, Founded ...

In June 2016, the company reported that its transaction volume rate increased to 600 million transactions per year with a customer base of more than 150 million.[3]

History

The company started in 2004 by an alumnus of IIT Roorkee with seed capital of ₹4 crores.[4]

In 2006, Oxigen Services received $11.5 million from Citi Venture Capital, USA and then $35 million from Microsoft in 2008.[5]

The firm launched India’s first non-banK mobile wallet,[6][7] approved by RBI in 2013 for instant money transfers to any bank.[8] These money transfers are available real-time in association with National Payments Corporation of India using IMPS.[9]

In 2014, the company was estimated at $150 million (₹921 crores).[10]

In 2016, Oxigen became a part of the Bharat Bill Payment System to connect users with the central bill payments and settlement system of National Payments Corporation of India.[11]

The firm set up ‘Super PoS - Micro ATM’ (point of sale) terminals to meet the requirements of merchants.[12] This Super PoS works as Micro ATM - Cash-In and Cash-Out, biometric scanner for Aadhaar transactions, Jan Dhan account servicing, merchant payments and eKYC.[13]

Services

Oxigen Wallet

Oxigen Wallet, powered by Oxigen Services Pvt. Ltd. is India’s first non-bank wallet, approved by Reserve Bank of India[18] allowing customers to send and receive money through popular social networking platforms.[19]

As per a report published in April 2016 by VCCircle, the app claims to have 20 million users, and is accepted at around 9,000 merchant locations and 10,000 online sites.[20]

The services include money transfer, mobile & DTHTV payments, utility bill payments, gift cards, travel, movie ticket booking and Virtual Visa.[3][17] Oxigen is the first online wallet allowing consumers to load cash in their mobile wallet. It enables individuals to transfer money, even if they don't have a bank account.[21]

Oxigen enables payments in different systems with various brand tie-ups.

Accessibility

Oxigen Wallet is available on the iOS App Store and Google Play Store.

Awards and recognition

Projects

Aarambh Ventures is Oxigen's accelerator programme which helps startups to grow and innovate. Kalaage which was the first startup at Aarambh Ventures and it recently got funded.[25]

Sponsorship

The firm appointed cricketer Sachin Tendulkar as its brand ambassador.[1] Oxigen sponsors the Twenty20 squads of South Africa national cricket team[26] and New Zealand national cricket team[27] along with Indian Premier League’s Gujarat Lions franchisee.[28]

References

  1. [1]
    "Oxigen ropes in Sachin Tendulkar as its brand ambassador". The Times of India. 25 September 2015. Retrieved 24 June 2016.
  2. [2]
    "Future group ties up with Oxigen for its e-comm venture". Business Standard India. 17 February 2016.
  3. [3]
    "Oxigen, Visa tie up to breathe new life into e-wallet business". The Financial Express (India). 13 January 2016. Retrieved 24 June 2016.
  4. [4]
    "Payments solutions firm Oxigen Services in talks to raise $50M funding". VCCircle. 25 November 2014. Retrieved 24 June 2016.
  5. [5]
    "Oxigen Services India in talks to raise Rs 1,230 crore". The Economic Times. 25 November 2014. Retrieved 24 June 2016.
  6. [6]
    "Oxigen launches India's first mobile wallet". DATAQUEST. 14 August 2014. Retrieved 18 August 2021.
  7. [7]
    "Oxigen Services India Pvt. Ltd". The Economic Times. Retrieved 18 August 2021.
  8. [8]
    "Reserve Bank of India - Publications". m.rbi.org.in. Retrieved 18 August 2021.
  9. [9]
    "Oxigen & NPCI launch OxiCash Money Transfer". Moneycontrol.com. 7 May 2013. Retrieved 24 June 2016.
  10. [10]
    "How Saxena built a Rs 921 cr empire with seed capital of Rs 4 cr". 7 October 2014. Retrieved 24 June 2016.
  11. [11]
    "Oxigen gets RBI nod for Bharat Bill Payments System". The Times of India. 16 May 2016. Retrieved 24 June 2016.
  12. [12]
    "Now, a 'Super PoS' device with multiple functions". The Hindu Business Line. 17 August 2015. Retrieved 24 June 2016.
  13. [13]
    "Oxigen launches 'super PoS' device with multiple functions". Firstpost. 25 August 2015. Retrieved 24 June 2016.
  14. [14]
    "Future group ties up with Oxigen for its e-comm venture". Business Standard. 17 February 2016. Retrieved 24 June 2016.
  15. [15]
    "How Oxigen is positioning itself in Indian mobile payment ecosystem?". 5 March 2016. Retrieved 24 June 2016.
  16. [16]
    "Oxigen-SBI Kiosk Banks achieve 500 Crores of Banking transactions in its First year of Operations". The Telegraph. 27 September 2011. Retrieved 24 June 2016.
  17. [17]
    "Oxigen Wallet, Rajasthan roadways pact for easy ticket booking". Business Standard. 13 April 2016. Retrieved 25 June 2016.
  18. [18]
    "Oxigen launched Prepaid Visa card, and is in talks with RuPay to launch virtual prepaid cards". The Economic Times. 11 November 2015. Retrieved 25 June 2016.
  19. [19]
    "Money goes social with Oxigen's new wallet". Business Standard. 13 August 2014. Retrieved 25 June 2016.
  20. [20]
    "Oxigen Wallet names former Airtel exec Saleem Mobhani COO". 13 April 2016. Retrieved 25 June 2016.
  21. [21]
    "Online wallets: Creating a category". 16 June 2016. Retrieved 25 June 2016.
  22. [22]
    "Oxigen Mobile Wallet is awarded the 'Best Prepaid Issuer' at National Payments Excellence Awards 2014 by NPCI - INDIAN NEWS & TIMES : INDIAN NEWS & TIMES". Retrieved 25 June 2016.
  23. [23]
    "Skoch Financial Inclusion & Deepening Award 2015 - Awardee List". Retrieved 25 June 2016.
  24. [24]
    "IAMAI announces winners of 5th India Digital Awards". 16 January 2015. Retrieved 25 June 2016.
  25. [25]
    "Writers' Social Networking Platform Kalaage Raises Funding from Rajasthan Angel Innovators Network". 29 September 2016.
  26. [26]
    "Payment startup Oxigen to sponsor South Africa's T20 cricket team". The Economic Times. 29 June 2015. Retrieved 25 June 2016.
  27. [27]
    "Oxigen to sponsor New Zealand T20 team Blackcaps". Business Standard. 11 March 2016. Retrieved 25 June 2016.
  28. [28]
    "Intex signs Oxigen as title sponsor for Gujarat Lions". Mint. 30 March 2016. Retrieved 25 June 2016.
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