Payment solutions provider Oxigen Services has introduced Oxigen wallet, a mobile wallet service which will enable customers to transfer money through social networking sites. The company has entered into a partnership with Fastcash, a Singapore headquartered company, which offers services for transfer of capital, airtime and other tokens of value through social networks, to launch the app in India.
The application works by downloading cash through debit and credit cards into the Oxigen wallet on the phone. The user can also transfer cash into the mobile wallet by visiting the corporate partners of the company like the Mobile Store. Using the wallet, money can be transferred to any non-mobile wallet user by either a transfer to the individual?s bank account or also to his social network account. The money then can be used to avail of services from about 2,000 website partners of Oxigen Services.
The company is also planning to transform itself into a payments bank and will apply for the license once the final guidelines for licensing are issued. At present, the Reserve Bank of India has restricted the amount of money that can be transferred using such mobile wallets to Rs 5,000 per transaction.
