Posted tagged ‘OxiCash’

OxiCash- Instant Money Transfer

May 7, 2013

Oxigen launches OxiCash Money Transfer,
India’s First Non – Banked Mobile Wallet
That Powers the Unbanked masses to Transfer Money.

History jointly created by National Payments Corporation of India and Oxigen.

RBI Chief General Manager (Dept of payment and settlement Systems), Mr. Vijay Chugh inaugurated the service.

OxiCash unveils its Instant Money Transfer Service. 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 non-availability of Bank account. They would all now be able to transfer and receive funds from any bank into the OxiCash Wallet.
These money transfers are instant & made on real time , and is made possible by NPCI, using IMPS (Immediate Payment Service).
The tie up of NPCI with Oxigen’s mobile e-wallet, ”OxiCash”, makes OxiCash India’s First Non Banked wallet (approved by RBI), to make Instant money transfers to any bank, receive funds into the OxiCash Wallet from any bank, anytime, anywhere, 24*7!

Speaking at the occasion, Mr Pramod Saxena, Chairman & Managing Director, Oxigen said,” It is indeed a proud moment for Oxigen, to be a pioneer, once again! Having launched India’s first wallet OxiCash in 2008, and now with NPCI, Oxigen is the “India’s First” , in mobile payment space, to launch an Instant 24×7 money transfer service, using IMPS on the OxiCash wallet. We are happy that our pioneering efforts continue to facilitate financial inclusion. The OxiCash money transfer service would be available at more than 100 thousand Oxigen retailers across the country to help the unbanked masses with an instant remittance service “.
Mr A.P Hota, MD and CEO of National Payments Corporation of India, announced ,while inaugurating the service,“This is an unique experiment of inter-operability between bank accounts and wallet accounts. A new vista of financial transactions open up with this project.”
The tie up for Money Transfers between NPCI and Oxicash would be 3 fold:
1. OxiCash to Bank Account using beneficiary’s Bank account number and IFSC code :
27 banks are live on date, to execute Money Transfers, from OxiCash to any Bank Account as specified by a customer using the Beneficiary’s Bank account number and Bank IFSC code, as listed in http://www.npci.org.in/impsIFSC3.aspx with 14 more banks in pipeline.
2. OxiCash to Bank Account using Beneficiary’s Mobile Number and Mobile Money ID (MMID) :
55 major Banks are live on date,to execute Money transfers from OxiCash to any Bank account where the customer specifies the Beneficiary’s Mobile Number and Mobile Money ID (MMID), which is issued by Banks, as per list given in http://www.npci.org.in/impsmerpayp2p.aspx, with remaining 6 banks in pipeline.
3. Bank Account to OxiCash eWallet using OxiCash registered Mobile Number and MMID (8888888):
55 major banks are live on date, to execute Money transfers from a Bank account to OxiCash wallet where customer specifies the Beneficiary’s OxiCash Mobile Number and Mobile Money ID (MMID) as 8888888, as per list given in http://www.npci.org.in/impsmerpayp2p.aspx with remaining 6 banks in pipeline.
Additionally, a customer can also transfer funds from an OxiCash wallet to another OxiCash Wallet
Customers now need not wait for a long periods of time to get refunds. They also benefit from this service’s Instant refunds system.
OxiCash Money Transfer service is available both Online ( www.oxicash.in) and on mobile, using a Mobile Application (Android application) and available on simple text SMS also.
This wallet is available pan India and can be created over a simple SMS.
The OxiCash wallet

The steps to use OxiCash Money transfer services are easy and as follows:

On the OxiCash Website, http://www.oxicash.in
Go to http://www.oxicash.in/
1. Click on INSTANT MONEY TRANSFER tab
2. The customer selects the payment type as per choice: Using Account Number/IFSC Code or MMID/Mobile Number Combination
3. The customer selects the option Wallet to Any Bank (Account Number)
• The customer logs on using his/her wallet number and the OxiCash Password
• The customer enters the beneficiary account number and the IFSC Code
• The customer enters the OTP received to authenticate the payment
• The money transfer is done and updated balance is displayed on the screen
4. The customer selects the option
5. The customer selects the option Wallet to Any Bank (MMID)
• The customer logs on using his/her wallet number and the OxiCash Password
• The customer enters the beneficiary mobile number and MMID
• The customer enters the OTP received to authenticate the payment
• The money transfer is done and updated balance is displayed on the screen

Using Mobile Banking
To Send money, the customer uses either a combination of Mobile Number and MMID or Account Number and IFSC Code.
1. The customer wants to send money using Account Number and IFSC Code
SEND IMPS*Account Number*IFSC Code*Amount*OxiCash Password*Remark
to 9870888888 / 9971888888
2. The customer wants to send money using Mobile Number and MMID
SEND IMPS*Beneficiary Mobile Number*MMID*Amount*OxiCash Password*Remark
to 9870888888 / 9971888888

The information is also available on IMPS mobile site (accessible through the mobile phone browser) at http://imps.npci.org.in


 


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