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Oxigen launches OxiCash Money Transfer

People who do not have a bank account would now be able to transfer and receive funds from any bank into the OxiCash Wallet

May 06, 2013 3:18 IST | India Infoline News Service
OxiCash on Monday said that it has launched instant money transfer service that enables the unbanked masses of India to transfer money to any bank account and receive money.

People who do not have a bank account would now be able to transfer and receive funds from any bank into the OxiCash Wallet. These money transfers are instant & made on real time basis. It is made possible by NPCI, using IMPS (immediate payment service), Oxigen said in a press release.

The tie up of NPCI (National Payments Corporation of India) with Oxigen’s mobile e-wallet, “OxiCash”, makes OxiCash India’s first non banked wallet (approved by RBI), to make Instant money transfers to any bank, receive funds into the OxiCash Wallet from any bank, anytime, anywhere, 24x7, Oxigen said.

AP Hota, MD and CEO, NPCI, announced said, “This is a unique experiment of inter-operability between bank accounts and wallet accounts.”

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