Oxigen Services

Oxigen Services
Type of site
 Private
Founded July 2004 (2004-07)
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.myoxigen.com

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.[1] It was started in 2004 by Pramod Saxena, an alumnus of IIT Roorkee and listed company on South African Stock Exchange, Blue Label Telecom.[2]

The payment solutions provider allows customers to make mobile/DTH recharges, money transfers through bank and Oxigen Wallet, utility bill payments, etc.[3]

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.[4]

Background

Started with a seed capital of Rs. 4 crore in 2004, the company was estimated at $150 million (Rs. 921 crore) in 2014.[5]

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.[6]

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.[7]

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.[8]

The firm also set up ‘Super PoS - Micro ATM’ (point of sale) terminals to meet the requirements of merchants as well as banks.[9] 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.[10]

Services

Oxigen Wallet

Oxigen Wallet, powered by Oxigen Services Pvt. Ltd. is India’s first non-bank wallet, approved by Reserve Bank of India[14] allowing customers to send and receive money through popular social networking platforms.[15]

As per a report published in April 2016 by VCCircle, the app claims to have 20 million users, is accepted at around 9,000 merchant locations and 10,000 online sites.[16]

Oxigen Wallet provides solutions for money transfer, mobile & DTHTV payments, utility bill payments, gift cards, travel, movie ticket booking and Virtual Visa.[4][13] 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.[17]

Oxigen enables payment solutions in different verticals with brand tie-ups listed below:

Travel

Entertainment

E-commerce

Food & Beverage

Accessibility

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

Awards & 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.[26]

Sponsorship

The firm appointed cricketer Sachin Tendulkar as its brand ambassador.[1] Oxigen sponsors the Twenty20 squads of South Africa national cricket team[27] and New Zealand national cricket team[28] along with Indian Premier League’s Gujarat Lions franchisee.[29]

References

  1. 1 2 "Oxigen ropes in Sachin Tendulkar as its brand ambassador". The Times of India. 25 September 2015. Retrieved 24 June 2016.
  2. ↑ "Payments solutions firm Oxigen Services in talks to raise $50M funding". VCCircle. 25 November 2014. Retrieved 24 June 2016.
  3. 1 2 3 4 "Future group ties up with Oxigen for its e-comm venture". Business Standard. 17 February 2016. Retrieved 24 June 2016.
  4. 1 2 3 "Oxigen, Visa tie up to breathe new life into e-wallet business". The Financial Express (India). 13 January 2016. Retrieved 24 June 2016.
  5. ↑ "How Saxena built a Rs 921 cr empire with seed capital of Rs 4 cr". 7 October 2014. Retrieved 24 June 2016.
  6. ↑ "Oxigen Services India in talks to raise Rs 1,230 crore". The Economic Times. 25 November 2014. Retrieved 24 June 2016.
  7. ↑ "Oxigen & NPCI launch OxiCash Money Transfer". Moneycontrol.com. 7 May 2013. Retrieved 24 June 2016.
  8. ↑ "Oxigen gets RBI nod for Bharat Bill Payments System". The Times of India. 16 May 2016. Retrieved 24 June 2016.
  9. 1 2 "Now, a 'Super PoS' device with multiple functions". The Hindu Business Line. 17 August 2015. Retrieved 24 June 2016.
  10. 1 2 "Oxigen launches 'super PoS' device with multiple functions". Firstpost. 25 August 2015. Retrieved 24 June 2016.
  11. ↑ "How Oxigen is positioning itself in Indian mobile payment ecosystem?". 5 March 2016. Retrieved 24 June 2016.
  12. ↑ "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.
  13. 1 2 3 "Oxigen Wallet, Rajasthan roadways pact for easy ticket booking". Business Standard. 13 April 2016. Retrieved 25 June 2016.
  14. 1 2 "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.
  15. ↑ "Money goes social with Oxigen's new wallet". Business Standard. 13 August 2014. Retrieved 25 June 2016.
  16. ↑ "Oxigen Wallet names former Airtel exec Saleem Mobhani COO". 13 April 2016. Retrieved 25 June 2016.
  17. ↑ "Online wallets: Creating a category". 16 June 2016. Retrieved 25 June 2016.
  18. ↑ "Oxigen tie-up with redBus". Moneycontrol.com. 1 April 2008. Retrieved 11 July 2016.
  19. 1 2 3 4 "Oxigen Wallet dares people to go cashless with its new campaign". The Economic Times. 4 March 2016. Retrieved 11 July 2016.
  20. 1 2 "Reliance JioMoney wallet lands in a market where Paytm and Oxigen rule". Mint (newspaper). 12 May 2016. Retrieved 23 July 2016.
  21. 1 2 "The changing face of money – Technology is finally playing the role it was designed to do". Firstpost. 27 June 2016. Retrieved 15 August 2016.
  22. ↑ "Oxigen Wallet ties up with Café Coffee Day for payment acceptance". The Times of India. 10 November 2014. Retrieved 23 July 2016.
  23. ↑ "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.
  24. ↑ "Skoch Financial Inclusion & Deepening Award 2015 - Awardee List". Retrieved 25 June 2016.
  25. ↑ "IAMAI announces winners of 5th India Digital Awards". 16 January 2015. Retrieved 25 June 2016.
  26. ↑ https://inc42.com/flash-feed/kalaage-funding-rain/
  27. ↑ "Payment startup Oxigen to sponsor South Africa's T20 cricket team". The Economic Times. 29 June 2015. Retrieved 25 June 2016.
  28. ↑ "Oxigen to sponsor New Zealand T20 team Blackcaps". Business Standard. 11 March 2016. Retrieved 25 June 2016.
  29. ↑ "Intex signs Oxigen as title sponsor for Gujarat Lions". Mint (newspaper). 30 March 2016. Retrieved 25 June 2016.
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