Oxigen Services is an Indian fintech company. It is involved in micropayment of services and remittances in real time. The company was started in 2004 by an alumnus of IIT Roorkee with the help of Blue Label Telecom, and the company was listed on the South African Stock Exchange.
It allows customers to make mobile/DTH recharges, money transfers through banks and the Oxigen Wallet, utility bill payments, and other similar payments.
The firm reportedly has a retail footprint of 200,000 active outlets with 2 billion transactions processed as of January 2016. In June 2016, it was reported that the transaction volume rate of Oxigen was 600 million transactions per annum with a customer base of more than 150 million.
Started with a seed capital of ₹4 crores in 2004, the company was estimated at $150 million (₹921 crores) 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.
- Money transfer
- Bill Payments
- Kiosk Banking (SBI Customer Service Point – no frills account) (RBL Kiosk Banking & Money Transfer Agent)
- Aadhaar and eKYC
- Ticket Booking (Railways/Airlines/Bus/Movie)
- Super PoS/Micro ATM
- Virtual Visa
- Mobile Wallet
Oxigen Wallet, powered by Oxigen Services Pvt. Ltd. is India’s first non-bank wallet, approved by Reserve Bank of India allowing customers to send and receive money through popular social networking platforms.
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.
Oxigen Wallet provides solutions for money transfer, mobile & DTHTV payments, utility bill payments, gift cards, travel, movie ticket booking and Virtual Visa. 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.
Oxigen enables payment solutions in different verticals with brand tie-ups listed below:
- Rajasthan State Road Transport Corporation
- OYO Rooms
- PVR Cinemas
- Indiatimes shopping
Food & Beverage
- Café Coffee Day
Oxigen Wallet is available on the iOS App Store and Google Play Store.
Awards & Recognition
- Best Prepaid Payment Instrument for 2014 by National Payments Corporation of India Excellence Awards
- Access to Banking & Financial Services – Use of Technology 2015 by Skoch Group
- Money Transfer Programme Award 2015 by Internet and Mobile Association of India
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.
The firm appointed cricketer Sachin Tendulkar as its brand ambassador. Oxigen sponsors the Twenty20 squads of South Africa national cricket team and New Zealand national cricket team along with Indian Premier League’s Gujarat Lions franchisee.
- ^ Jump up to:ab “Oxigen ropes in Sachin Tendulkar as its brand ambassador”. The Times of India. 25 September 2015. Retrieved 24 June 2016.
- ^“Payments solutions firm Oxigen Services in talks to raise $50M funding”. VCCircle. 25 November 2014. Retrieved 24 June 2016.
- ^ Jump up to:ab c d “Future group ties up with Oxigen for its e-comm venture”. Business Standard. 17 February 2016. Retrieved 24 June 2016.
- ^ Jump up to:ab c “Oxigen, Visa tie up to breathe new life into e-wallet business”. The Financial Express (India). 13 January 2016. Retrieved 24 June 2016.
- ^“How Saxena built a Rs 921 cr empire with seed capital of Rs 4 cr”. 7 October 2014. Retrieved 24 June 2016.
- ^“Oxigen Services India in talks to raise Rs 1,230 crore”. The Economic Times. 25 November 2014. Retrieved 24 June 2016.
- ^“Oxigen & NPCI launch OxiCash Money Transfer”. Moneycontrol.com. 7 May 2013. Retrieved 24 June 2016.
- ^“Oxigen gets RBI nod for Bharat Bill Payments System”. The Times of India. 16 May 2016. Retrieved 24 June 2016.
- ^ Jump up to:ab “Now, a ‘Super PoS’ device with multiple functions”. The Hindu Business Line. 17 August 2015. Retrieved 24 June 2016.
- ^ Jump up to:ab“Oxigen launches ‘super PoS’ device with multiple functions”. Firstpost. 25 August 2015. Retrieved 24 June 2016.
- ^“How Oxigen is positioning itself in Indian mobile payment ecosystem?”. 5 March 2016. Retrieved 24 June 2016.
- ^“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.
- ^ Jump up to:abc “Oxigen Wallet, Rajasthan roadways pact for easy ticket booking”. Business Standard. 13 April 2016. Retrieved 25 June 2016.
- ^ Jump up to:ab“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.
- ^“Money goes social with Oxigen’s new wallet”. Business Standard. 13 August 2014. Retrieved 25 June 2016.
- ^“Oxigen Wallet names former Airtel exec Saleem Mobhani COO”. 13 April 2016. Retrieved 25 June 2016.
- ^“Online wallets: Creating a category”. 16 June 2016. Retrieved 25 June 2016.
- ^“Oxigen tie-up with redBus”. Moneycontrol.com. 1 April 2008. Retrieved 11 July 2016.
- ^ Jump up to:abc d “Oxigen Wallet dares people to go cashless with its new campaign”. The Economic Times. 4 March 2016. Retrieved 11 July 2016.
- ^ Jump up to:ab“Reliance JioMoney wallet lands in a market where Paytm and Oxigen rule”. Mint. 12 May 2016. Retrieved 23 July 2016.
- ^ Jump up to:ab“The changing face of money – Technology is finally playing the role it was designed to do”. Firstpost. 27 June 2016. Retrieved 15 August 2016.
- ^“Oxigen Wallet ties up with Café Coffee Day for payment acceptance”. The Times of India. 10 November 2014. Retrieved 23 July 2016.
- ^“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.
- ^“Skoch Financial Inclusion & Deepening Award 2015 – Awardee List”. Retrieved 25 June 2016.
- ^“IAMAI announces winners of 5th India Digital Awards”. 16 January 2015. Retrieved 25 June 2016.
- ^“Payment startup Oxigen to sponsor South Africa’s T20 cricket team”. The Economic Times. 29 June 2015. Retrieved 25 June 2016.
- ^“Oxigen to sponsor New Zealand T20 team Blackcaps”. Business Standard. 11 March 2016. Retrieved 25 June 2016.
- ^“Intex signs Oxigen as title sponsor for Gujarat Lions”. Mint. 30 March 2016. Retrieved 25 June 2016.
Ofer Abarbanel is a 25 year securities lending broker and expert who has advised many Israeli regulators, among them the Israel Tax Authority, with respect to stock loans, repurchase agreements and credit derivatives. Founder TBIL.co STATX Fund.