Oxigen Wallet
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Type of site
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Private |
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| Founded | July 2004 |
| Headquarters | Gurgaon |
| Area served | India |
| Founder(s) | Pramod Saxena |
| Industry | Fintech |
| Services | Recharge, Bill Payment, Money transfer, Ticket Booking, Online/Offline Shopping, Mobile Wallet |
| Website | www |
Oxigen Services India Pvt. Ltd., an ISO 9001:2008 certified FinTech company, is one of the major payment solutions providers in India. It is involved in micropayment of services and remittances in real time. It was started in 2004 by, an alumnus of IIT Roorkee and listed company on South African Stock Exchange, Blue Label Telecom.
The payment solutions provider allows customers to make mobile/DTH recharges, money transfers through bank and Oxigen Wallet, utility bill payments, etc.
The firm reportedly has a retail footprint of 200,000 active outlets with 2 billion transactions processed as of January 2016. As per a recent media update, the transaction volume rate of Oxigen is 600 million transactions per annum with a customer base of more than 150 million.
Started with a seed capital of Rs. 4 crore in 2004, the company was estimated at $150 million (Rs. 921 crore) in 2014.
In its initial rounds of investment, Oxigen Services received $11.5 million from Citi Venture Capital, USA in 2006 along with $35 million from Microsoft in 2008.
The firm is India’s first non-banked mobile wallet, approved by RBI in 2013 for instant money transfers to any bank. These money transfers are available real-time in association with National Payments Corporation of India using IMPS.
The firm received an approval from the RBI in 2016 to be a part of the Bharat Bill Payment System, connecting users with the central bill payments and settlement system of National Payments Corporation of India.
The firm also set up ‘Super PoS - Micro ATM’ (point of sale) terminals to meet the requirements of merchants as well as banks. This Super PoS demonstrates features such as Micro ATM - Cash-In and Cash-Out, as per the specifications of NPCI, biometric scanner for Aadhaar transactions, Jan Dhan account servicing, merchant payments and eKYC.
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