Oxigen Services

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Oxigen Services India Pvt. Ltd.
Type of site
Private
FoundedJuly 2004 (2004-07)
HeadquartersGurugram
Area servedIndia
Founder(s)Pramod Saxena
IndustryFintech
ServicesRecharge, Bill Payment, Money transfer, Ticket Booking, Online/Offline Shopping, Mobile Wallet
URLmyoxigen.com

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

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[edit]

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[edit]

Oxigen Wallet[edit]

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[edit]

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

Awards and recognition[edit]

Projects[edit]

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[edit]

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[edit]

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