New Delhi, India, December 5, 2014: Oxigen Services India Private Limited, a player in Payment solutions for over 10 years, today won the ‘Best Prepaid Payment Instrument’ award at the renowned National Payments Excellence Awards 2014, hosted by National Payments Corporation of India (NPCI) at Hotel Grand Hyatt in Mumbai. Mr. Pramod Saxena Founder, Chairman & Managing Director and Mr. Sunil Kulkarni, Deputy Managing Director from of Oxigen Services (India) Pvt. Limited were present at the ceremony to receive the prestigious honour.
Commenting on this significant milestone Pramod Saxena, Founder, Chairman & Managing Director of Oxigen Services (India) Pvt. Limited said, “It is extremely heartening to receive this esteemed award from NPCI. After marking numerous industry firsts and with our constant endeavors to contribute towards the last mile enablement for payments and financial inclusion, this achievement is a significant milestone in our journey of 10 glorious years. This honour inspires the entire team at Oxigen to constantly challenge ourselves, to re-invent, innovate and deliver on the expectations of Regulators , the Government and our customers as well.”
The ‘National Payment Excellence Awards’ are decided basis assessment of certain predetermined criteria and are selected by an eminent and independent jury. These awards are considered prestigious by the banking and financial services industry fraternity as it recognizes the efforts and contribution of the entire industry.
Prepaid payment instrument (PPI) is a license issued by Reserve Bank of India to help non-banks issue mobile wallets to consumers for remittances and payments. Using these wallets which are issued to mobile phone users are popularly called ‘mobile wallets’. The customer is able to do instant money transfer as well as buy goods and services, be it in a physical outlet as well as online (e-commerce and m-commerce) using a Mobile Wallet App or SMS/ USSD or by using an Internet browser on any PC/Mobile device.
Aadhaar with biometric scan has become now first paperless KYC method called eKYC which is introduced by Oxigen for the first time at retail, which will enable opening of paperless bank accounts. The biggest use case of PPI is money transfer as a large number of Indian unbanked population lives in both urban and rural India. In addition these wallets are targeted to be used by the urban educated, in particular the youth, for peer to peer money transfer and merchant payments.