Payment services provider Oxigen and NPCI have launched OxiCash, an Instant Money Transfer Service. The OxiCash service enables the unbanked masses of India, to transfer money without any hassles to any bank account and receive money into the Wallet 24 x7. The service was inaugurated by RBI Chief General Manager , Dept of Payment and Settlement Systems , Mr. Vijay Chugh.
This service aims to help the underprivileged segment of India’s population, who have been unable to avail the benefits of money transfers due to non-availability of Bank account. They would all now be able to transfer and receive funds from any bank into the OxiCash Wallet. These money transfers are instant & made on real time , and is made possible by NPCI, using IMPS (Immediate Payment Service).
Speaking at the occasion, Mr. Pramod Saxena, Chairman & Managing Director, Oxigen said,” It is indeed a proud moment for Oxigen, to be a pioneer, once again! Having launched India’s first wallet OxiCash in 2008, and now with NPCI, Oxigen is the “India’s First” , in mobile payment space, to launch an Instant 24×7 money transfer service, using IMPS on the OxiCash wallet. We are happy that our pioneering efforts continue to facilitate financial inclusion. The OxiCash money transfer service would be available at more than 100 thousand Oxigen retailers across the country to help the unbanked masses with an instant remittance service.”