Don't have a bank account - no big deal anymore!

Monday, 06 May 2013 18:30 administrator
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Mr. A.P. Hota, Mr. Pramod Saxena, and Mr. Vijay Chugh during the launchIndia’s first non-banked mobile wallet to facilitate instant money transfer for the millions without a bank account.

 

Mumbai. India's largest payments solutions provider, Oxigen, and National Payments Corporation of India (NPCI) have launched the OxiCash instant money transfer service. The service will enable the unbanked masses of India, to transfer money without any hassles to any bank account and receive money into the OxiCash Wallet 24 x7 (approved by RBI).

These money transfers are instant and made on real time, and is made possible by NPCI, using IMPS (Immediate Payment Service).

Speaking at the occasion, Mr. Pramod Saxena, Chairman & Managing Director, Oxigen said,"The OxiCash money transfer service would be available at more than 100 thousand Oxigen retailers across the country to help the unbanked masses with an instant remittance service".

Mr. A.P Hota, MD and CEO of National Payments Corporation of India, announced ,while inaugurating the service,“This is an unique experiment of inter-operability between bank accounts and wallet accounts. A new vista of financial transactions open up with this project.”