Oxigen Services is an Indian fintech company. It is involved in the

micropayment A micropayment is a financial transaction involving a very small sum of money and usually one that occurs online. A number of micropayment systems were proposed and developed in the mid-to-late 1990s, all of which were ultimately unsuccessful. A s ...

of services and remittances in real time. 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.

History

The company started in 2004 by an alumnus of

IIT Roorkee Indian Institute of Technology Roorkee (abbreviated IIT Roorkee) is a technical university located in Roorkee, Uttarakhand, India. It is the oldest engineering institution in India, and was founded as the College of Civil Engineering in Bri ...

with seed capital of ₹4

crores A crore (; abbreviated cr) denotes ten million (10,000,000 or 107 in scientific notation) and is equal to 100 lakh in the Indian numbering system. It is written as 1,00,00,000 with the local 2,2,3 style of digit group separators (one lakh is eq ...

. In 2006, Oxigen Services received $11.5 million from Citi Venture Capital, USA and then $35 million from

Microsoft Microsoft Corporation is an American multinational technology corporation producing computer software, consumer electronics, personal computers, and related services headquartered at the Microsoft Redmond campus located in Redmond, Washin ...

in 2008. The firm launched 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 The National Payments Corporation of India is an umbrella organization for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of ...

using IMPS. In 2014, the company was estimated at $150 million (₹921 crores). In 2016, Oxigen became a part of the Bharat Bill Payment System to connect users with the central bill payments and settlement system of

. The firm set up ‘Super PoS - Micro ATM’ ( point of sale) terminals to meet the requirements of merchants. This Super PoS works as Micro ATM - Cash-In and Cash-Out, biometric scanner for

Aadhaar Aadhaar ( hi, आधार, ādhār, lit=base, foundation, bn, আধার) is a 12-digit unique identity number that can be obtained voluntarily by the citizens of India and resident foreign nationals who have spent over 182 days in twelve ...

transactions, Jan Dhan account servicing, merchant payments and e KYC.

Services

* Money transfer * Recharge * Bill Payments * Kiosk Banking (SBI Customer Service Point - no frills account) (RBL Kiosk Banking & Money Transfer Agent) *

and e KYC * Ticket Booking (Railways/Airlines/Bus/Movie) * Super PoS/Micro ATM * Virtual Visa * Mobile Wallet

Oxigen Wallet

Oxigen Wallet, powered by Oxigen Services Pvt. Ltd. is

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

’s first non-bank wallet, approved by

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible f ...

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, and is accepted at around 9,000 merchant locations and 10,000 online sites. The services include 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 payments in different systems with various brand tie-ups.

Accessibility

Oxigen Wallet is available on the iOS App Store and

Google Play Store Google Play, also known as the Google Play Store and formerly the Android Market, is a digital distribution service operated and developed by Google. It serves as the official app store for certified devices running on the Android operating syst ...

Awards and recognition

* Best Prepaid Payment Instrument for 2014 by

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 Internet and Mobile Association of India (IAMAI) is a not-for-profit industry body representing the interests of online and mobile value added services industry. It is registered under The Societies Registration Act, 1860. History The need fo ...

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.

Sponsorship

The firm appointed cricketer

Sachin Tendulkar Sachin Ramesh Tendulkar (; ; born 24 April 1973) is an Indian former international cricketer who captained the Indian national team. He is regarded as one of the greatest batsmen in the history of cricket. He is the all time highest run-sco ...

as its brand ambassador. Oxigen sponsors the

Twenty20 Twenty20 (T20) is a shortened game format of cricket. At the professional level, it was introduced by the England and Wales Cricket Board (ECB) in 2003 for the inter-county competition. In a Twenty20 game, the two teams have a single inn ...

squads of

South Africa national cricket team The South Africa national cricket team, also known as the Proteas, represents South Africa in men's international cricket and is administered by Cricket South Africa (CSA). South Africa is a full member of the International Cricket Council ...

and New Zealand national cricket team along with

Indian Premier League The Indian Premier League (IPL), also known as TATA IPL for sponsorship reasons, is a men's T20 franchise cricket league of India. It is annually contested by ten teams based out of seven Indian cities and three Indian states. The leagu ...

’s

Gujarat Lions Gujarat Lions was a franchise cricket team based in the city of Rajkot, that represented the Indian state Gujarat in the Indian Premier League (IPL). The team played in the IPL The team, along with Rising Pune Supergiant for two season between ...

franchisee.

References

{{Payment service providers Financial services companies established in 2004 Companies based in Gurgaon Payment service providers Online companies of India Online payments Indian companies established in 2004 Mobile payments in India 2004 establishments in Haryana