The chief guest for the evening was Mr. H. R. Khan, Deputy Governor, Reserve Bank of India (RBI) who felicitated the winners
Mumbai, December 15, 2014: Oxigen Services India Private Limited, an innovator and leader in Payment solutions for over 10 years, today won the ‘Best Prepaid Payment Instrument’ award at the renowned National Payments Excellence Awards 2014, hosted by National Payments Corporation of India (NPCI) at Hotel Grand Hyatt in Mumbai. Mr. Pramod Saxena Founder, Chairman & Managing Director and Mr. Sunil Kulkarni, Deputy Managing Director from of Oxigen Services (India) Pvt. Limited were present at the ceremony to receive the prestigious honour.
Commenting on this significant milestone Pramod Saxena, Founder, Chairman & Managing Director of Oxigen Services (India) Pvt. Limited said, “It is extremely heartening to receive this esteemed award from NPCI. After marking numerous industry firsts and with our constant endeavors to contribute towards the last mile enablement for payments and financial inclusion, this achievement is a significant milestone in our journey of 10 glorious years. This honour inspires the entire team at Oxigen to constantly challenge ourselves, to re-invent, innovate and deliver on the expectations of Regulators , the Government and our customers as well.”
The ‘National Payment Excellence Awards’ are decided basis assessment of certain predetermined criteria and are selected by an eminent and independent jury. These awards are considered prestigious by the banking and financial services industry fraternity as it recognizes the efforts and contribution of the entire industry.
Prepaid payment instrument (PPI) is a license issued by Reserve Bank of India to help non-banks issue mobile wallets to consumers for remittances and payments. Using these wallets which are issued to mobile phone users are popularly called 'mobile wallets'. The customer is able to do instant money transfer as well as buy goods and services, be it in a physical outlet as well as online (e-commerce and m-commerce) using a Mobile Wallet App or SMS/ USSD or by using an Internet browser on any PC/Mobile device.
Aadhaar with biometric scan has become now first paperless KYC method called eKYC which is introduced by Oxigen for the first time at retail, which will enable opening of paperless bank accounts. The biggest use case of PPI is money transfer as a large number of Indian unbanked population lives in both urban and rural India. In addition these wallets are targeted to be used by the urban educated, in particular the youth, for peer to peer money transfer and merchant payments.
Oxigen has established itself as country's first and largest single point payment solution provider and service aggregator. It has revolutionised the money transfer services for the unbanked population through its connect with National Payment Corporation of India (NPCI). It has processed over 2 billion payment transactions exceeding Rs. 25,000 crores through small retail, modern retail chains and banking websites reaching 5000 crores in money transfers and over 40 million transactions serving approximately 100 million customers .
It is the first non-bank to connect directly with NPCI for instant money transfer to over 60 banks in June 2013 and the first Prepaid Instrument to carry out Prepaid Mobile Wallet loading using NPCI among all banks and non-banks in June 2013. Furthermore, it was the pioneer to demonstrate Aadhaar based eKYC in 2013 and to be the first non-bank to deploy cash out using Aadhaar enabled Point of Sale terminal with its Mobile wallet for RBI awarded pilot in May 2014.
Oxigen also marked another first by deploying commercially eKYC for its Oxigen Wallet in retail locations in July 2014 and processing over one million transactions per month with NPCI on instant money transfer service among all banks and non-banks since August 2014. It launched the instant money transfer service on Point of Sale terminal that are GPRS enabled in retail in July 2014 and IMPS Merchant Payment in the country in December 2014 for the first time.
Oxigen serves several hundred million mobile customers at retail, processing nearly half a billion transactions annually, has already acquired 3.0 million mobile wallet accounts, clocking over 1 million transactions a month. Ranked number 1, on NPCI’s mobile banking platform IMPS, facilitating Instant Money Transfer across 60+ banks.
Oxigen is now leveraging the social media like WhatsApp, Twitter, Facebook ,etc. to connect to India’s 900 million mobile users, where the youth is rapidly adopting social media apps .
About Oxigen Services (India) Private Limited:
Oxigen Services India Private Limited is India's First and Largest single point, Payment Solution Provider. We are a service aggregator and provide online payment solutions for a gamut of services. Our services can be availed either directly by the consumers through our website www.oxigenwallet.com or through our retail outlets or 150,000 customer touch points. Having started operations in 2004, we celebrate our 10th year in 2014. Using an IT enabled platform, Oxigen connects 50+ brands and has 40 million + transactions per month. Oxigen works on Financial Inclusion and is a Business Correspondent to India’s premier banks. The company works closely with banks and regulatory bodies for enablement of various microfinance initiatives of the Government of India, to promote services like BC or Kiosk Banking, UID related Aadhaar, NPCI/IMPS based Money Transfer services, Electronic Benefit Transfers, and more.
Oxigen also provides Online and on Mobile Merchant Payments services, using Oxigen’s signature white‐label solution, to many telecom operators/bank‐led mobile Wallets like Airtel Money, Vodafone mPesa & Tata mRupee and online/mobile Banking portals of ICICI Bank, SBI, Axis Bank, Citibank, HDFC Bank, ING Vysya Bank, Corporation Bank and many more.