Oxigen Services Pvt Ltd has launched OxiCash, a pre-paid stored value wallet accessible through the mobile or PC, a first-of-its-kind in India, allowing users to make payments for a host of services such as pre-paid mobile and TV recharges, telephone bill payments, travel services, e-commerce sites, mobile videos, music, games and other utility / insurance bill payments.
Announcing the launch, Pramod Saxena, Founder Chairman and Managing Director, Oxigen Services India, said, “OxiCash is slated to drive the next wave of m/e-commerce in the country. We intend to offer a unique facility of making easy payments over SMS, GPRS or Web, with OxiCash. This will not only bring convenience, mobility of making payments, but also give flexibility to consumers. OxiCash will provide all its partners with an innovative payment platform to reach their potential customers.”
An ad campaign is currently on to support the launch. A TVC featuring actor Javed Jaffrey broke recently where he explains the benefits of the OxiCash wallet.
All OxiCash partners / merchants who will accept a payment through SmsPay will have an easy to remember ID. A subscriber has to SMS payment amount along with the merchant’s ID to 9870 888 888 in a pre-defined format. The amount will get debited from one’s OxiCash wallet and credited in favour of the merchant. Both the subscriber and the merchant would get confirmatory SMS messages from OxiCash with transaction details and amount.
Saxena further said that the central OxiCash server (developed by an in-house IT team) along with SSL (Secure Sockets Layer) ensured safety through encrypted transactions. The operating system is on Microsoft Windows and the transactions are processed on a Microsoft SQL server.
He added, “The mobile number is used to create a virtual wallet and also acts as the wallet ID. It is protected with a four-digit security password.”
To enable transactions, the user has to deposit cash at any of the 45,000 outlets of Oxigen or can use credit / debit cards for an online transfer through the Oxicash.in portal. Each SMS transaction on OxiCash is password protected. The company is also adding a three-tier, two-factor authentication-based security structure on SMS.
Oxigen avails the services of telecom service providers such as MTNL, BSNL, Vodafone, Airtel, etc. For OxiCash, it has tie-ups with retailers like INDMall, Asia Home Store, Game Stations, Bangalore Shoppe, etc.