Payments solutions provider Oxigen launches mini-ATM-cum-PoS device OxiShaan
Gurgaon-based payments solutions provider Oxigen Services India Pvt Ltd has tied up with China's Telepower Communication Co Ltd to launch OxiShaan, a mini-ATM-cum-point of sale (PoS) device targeted at rural India. It is essentially a GPRS PoS business terminal (with its own proprietary software) and will enable even small kirana stores to become a customer touch point for ATM-like banking services.
OxiShaan is especially designed for rural deployment and comes with the functionality of a phone, provides GPRS connectivity and also has battery backup to combat power failures. Additionally, the device has been aligned to enable government's payments disbursement plans like NREGA, pensions, subsidies, etc. The company is planning to add over 2.5 lakh PoS-enabled mini ATMs in the next three years. The key features of the new device include:
Processing ATM services like cash-out and cash-in through Interbank Mobile Payment Service (IMPS).
Processing business transactions like mobile and DTH recharge, bill payments, etc. It can also make merchant payments through IMPS.
Sending and receiving SMS-based transactions, even when GPRS is not functional.
Battery backup for continued functionality during power failure.
Earlier this year, Oxigen acquired 51 per cent stake in Jaipur-based United Villages Network Pvt Ltd, a mobile-based distributor of goods operating in rural markets.
"With OxiShaan, the masses of India will not only have the benefits of ATM-like banking services, but will also have the advantage of paying for utility services at one single point," said Pramod Saxena, chairman of Oxigen.
Oxigen had earlier raised funding from Citigroup Venture Capital International, which exited the investment by selling its significant minority stake to IT giant Microsoft in January 2008.
Established in 1999, Telepower is a leading player in the design, manufacturing and marketing of advanced telecommunications devices.
Oxigen, started by IIT-Roorkee graduate Pramod Saxena and South African firm Blue Label Telecom in 2004, kicked off with the mobile recharge business. Since then, it has evolved to add other payment services, such as booking airline/rail/bus/movie tickets and paying donations, through its platform. It has a retail footprint of one lakh outlets in the country and claims to handle 30 million transactions on a monthly basis.
The company has joined hands with the State Bank of India for enabling 'kiosk banking' at Oxigen outlets and for Yes Money "the money transfer services. It is also the technology provider for MobiCash, SBI's full-service eWallet. Oxigen also caters to telcos and other banks, such as HDFC and Corporation Bank.
(Edited by Sanghamitra Mandal)