The digital payments landscape in India has witnessed unprecedented growth, largely driven by increased smartphone penetration and rollout of 3G and 4G services at extremely affordable prices. One such platform is Oxigen Wallet - India’s first non-bank mobile wallet app, approved by RBI, which allows you to send and receive money through popular channels like Facebook, Whatsapp, Twitter, SMS and Email.
Riding high as the title sponsor for Gujarat Lions in the 10th season of Indian Premiere League (IPL), it has not only roped in Sachin Tendulkar as its brand ambassador but also has become the title sponsor for the South African T20 team and the New Zealand T20 team.
In an interview with exchange4media Rachna Prasad, Senior Vice President – Marketing at Oxigen Wallet, who was awarded Best Digital Integrated Campaign Award & Best Performance Award by IAMAI in the year 2015, shared crucial insights into the growing digital wallet ecosystem of India, Oxigen Wallet’s recent achievements as a brand and future plans.
What is Oxigen Wallet doing differently from its competitors in the same arena?
Oxigen wallet comes from the house of Oxigen, which is a leading payments solutions’ provider. We launched the current avatar of the wallet in 2014, and we are focused on building a long and sustainable business -just like our parent company Oxigen. In a scenario, where the market is rife with cash backs and discounts, we have sustained ourselves by being more measured in our approach. It’s not just about how many users you have, but also how much and how often they transact. We give cash rewards as gratification upon usage on special occasions, or upon introducing a new feature. It’s not a staple offering on our platform.
In a country like India where people still heavily rely on cash payments, what do you think will be the future of mobile wallets?
Profitability is the core of every business and cash backs are neither profitable nor sustainable. The key will be to build an ecosystem for payments, where the hook to habit is the value that the customer gets, so that he keeps coming back for his daily payment needs and not for discounts or cash backs.
How do you plan to market your products given the intense competition in this segment?
We started investing in brand building last year and took the cricket route to fast track the process. Signing up Sachin added the element of trust and dependability, which was key, given that we are talking of payments here. We will continue to invest in cricket. We are title sponsors of Gujarat Lions at IPL and for the New Zealand team that is touring India this year. Last year we sponsored the South African T20 team and that yielded great results for us through the ‘Play the Host’ campaign. In addition, we have a power packed calendar of activities planned with merchant partners and alliances to engage our customers and drive acquisitions, usage & retention
Who are your prospective users? How do you see the small and medium enterprise (SME) market in India?
The prospective Oxigen Wallet users are those looking for a stable platform that meets their everyday payment needs. They are not the deal junkies, but those looking for convenience and developing a habit to pay. They reside in the towns and cities of India where the internet explosion is changing the life of the masses. For SME’s specifically, the wallet plays a solution that simplifies cash handling and cash management, as our partnership with 100+ banks allows for instant money transfers 24x7. We have tie ups with entities which are using Oxigen Wallet for daily reconciliation with their on-ground business partners.
A lot of wallet users remain concerned about transaction security. What are the steps that you take to reinforce security of transactions?
Oxigen has been in this business for 12 years, working closely with the regulator and 100+ banks. Our wallet is therefore bank grade. We have a two level authentication process that ensures that every transaction is safe and secure. At the outset, you log in with your password and each transaction is further OTP authenticated. We have also built back-end risk control measures that mitigate fraud.
Are there specific deals and partnerships that you have been providing with your wallet? If yes, how have they affected Oxigen's revenue and awareness outreach?
As mentioned before, we do topical campaigns on cash backs and discounts. We did a burst in Diwali with the ‘6 ki Chaal offer’, and again very recently on ‘Mother’s Day’ we partnered with Jabong, eBay, Ferns & Petals, Oyo rooms and ShopClues etc. During the campaign we witnessed a huge spike in transactions, but what is reassuring is that consumers who we acquired during these campaigns continue to engage with us even when there are no discounts running.
Do you consider wallets to be a massive ground for brands to advertise?
Of course it can be done, but we are principally not open to it right now. We want to focus on the user experience and not create clutter while the consumer is transacting via the app/web.