Oxigen Enhances Footprint with IOCL’s Fuel Station Network, Set to Grow from 200 to 10,000 Micro ATM Locations, Pan India

After the successful completion of a pilot run by IOCL (Indian Oil Corporation Ltd.), at 200 Fuel stations across India, using Oxigen’s Flagship product, The Oxigen MicroATM, Oxigen & IOCL, today signed & announced a strategic tie – up to expand and deploy new Micro ATM’s at IOCL’s Fuel Station Network, pan India.



Oxigen Micro ATM’s will be installed mostly on the Fuel stations located mainly on Highways and Rural Areas


In May 2017, Oxigen, India’s leading payment solutions provider, which is a national banking correspondent of RBL Bank, had appointed 200 IOCL retail outlets as Oxigen’s banking agents to pilot financial inclusion at IOCL’s retail outlets. These IOCL-Oxigen Micro ATM’s outlets have completed a transaction volume of over 30,000 with 60 million INR Gross Transaction Value. With this strategic tie-up with IOCL, Oxigen now targets to deploy Micro ATMs at 10,000 IOCL retail outlets across different states, yielding 8-10 million transactions and a Gross Transaction Value of 1 billion USD this coming year.


Oxigen & IOCL outlets will provide services of branchless banking through these PoS machines, where customers can avail banking services, digital payments and recharges IOCL’s loyalty card account, by paying using multiple modes including BHIM &Aadhaar Pay. The Oxigen Micro ATM is used both, as a point of sale terminal for customers to pay for fuel and other purchases, and also as an ATM for cash withdrawal by customers using Aadhaar. It will enable a IOCL dealer to get new customers coming in for banking / recharge / bill payment – which is Oxigen’s unique value proposition.


On the announcement of the tie – up, Mr. Pramod Saxena, Founder & CMD, Oxigen Services said, “We believe that there is an enormous business potential in digitising cash at Fuel Outlets in India. 80% of the payments made at these outlets are in cash. The deployment of Micro ATM’s will reduce the cost and risk of cash management for the dealer and at the same time customers and neighbourhood communities and highway travellers can avail this cash in circulation for branchless banking services. Oxigen’s pilot project of installing 200 Micro ATM’s at IOCL was a tremendous success and hence we plan to digitize the entire Fuel Station network through our state of the art payment solutions offered Oxigen.” 


Indian Oil’s commitment to less-cash economy: Indian Oil is consciously working towards increasing cashless transactions by encouraging customers to pay by debit/credit cards, loyalty programs and mobile wallets. The tie-up with Oxigen is yet another step towards implementing reliable digital payment system for our customers visiting our retail outlets across the country and to enable them to  get the intended benefits.”


“We are delighted to be partnering with Oxigen in this initiative that provides a technology-led solution, on the one hand to IOCL and its dealers, and on the other hand it provides neighbourhood branchless banking services to the common man without the large overhead of conventional ATMs. This will go a long way in promoting less-cash economy”, says Sujatha Mohan, Head, Digital & New Initiatives, RBL Bank.


Oxigen MicroATM is a multi-purpose POS terminal that enables a retailer to offer to their customers a variety of services viz., Aadhaar-based banking, acceptance of payment made via credit / debit card (Visa/ Mastercard/ RuPay) for purchasing goods, value-added services (recharges, bill payment, travel booking, Amazon gift cards), eKYC. The mode of payment can be cash or digital (cards, Aadhaar, BHIM, UPI, Bharat QR Code). It works off a 2G SIM and hence is suited to be deployed even on highways and rural areas. Currently, apart from IOCL Fuel station network, Oxigen has deployed over 20,000 Oxigen Micro ATMs across the country.


About Oxigen Services India Pvt. Ltd. (

Oxigen’s focus is to grow its footprint, to serve the last mile by providing Aadhaar enabled branchless banking services, cashless micro payments services and remittances, in a ‘real time’ environment, is India’s Largest Payments Solutions Provider.


Oxigen’s proprietary technology is used to provide Payment Processing Services, through its flagship product, Oxigen Micro ATM. Oxigen provides branchless banking services integrated with Aadhaar to facilitate AEPS (Cash In/Cash Out), Bank Transfers, eKYC, and merchant payment services with NFC (Tap Pay), Card Payments (Rupay, Visa, Master Card), Bharat QR, UPI, Aadhaar Pay, Cash @ PoS using Cards.


Traditional services include Recharges for Telecom, Internet data and DTH Prepaid, Postpaid Recharges, Money Transfer, Travel (IRCTC Railways/Airlines/Bus) Tickets, Movie Tickets, Utility Bill Payments, gift cards & value-added services, through its network of 200,000 retailers who, in turn, provide these services to end customers.


Oxigen is also a National Business Correspondent to SBI and RBL bank with over 20,000 BC agents.


Oxigen also has a Mobile Money Wallet, branded as Oxigen Wallet (“OW”) and is a Prepaid Payment Instruments (“PPI”) license holder issued by RBI. With RBL Bank, Oxigen wallet offers a card for Corporate reimbursements, and provides Loyalty solutions on mobile, to companies like FuturePay. It has 3 million users now.


Today, Oxigen boasts of a 150-million customer base and a retail footprint of over 2,00,000 outlets. Till date, Oxigen has processed over 6 billion transactions, with an existing volume of 600 million transactions per annum. Oxigen services are device agnostic and available through a point of sale device “MicroATM”, website and mobile App.


About Indian Oil Corporation

Indian Oil Corporation Ltd. is India’s largest company by sales with a turnover of Rs. 4,38,710 crore and profit of Rs. 19,106 crore for the year 2016-17. It is the highest ranked Indian company in the latest Fortune ‘Global 500’ listings, ranked at the 168th position. At Indian Oil, operations are strategically structured along business verticals – Refineries, Pipelines, Marketing, R&D Centre and Business Development – E&P, Petrochemicals and Natural Gas. Indian Oil and its subsidiary (CPCL) account for nearly half of India’s petroleum products market share, with sales of 83.5 million tonnes in 2016-17, 35% national refining capacity and 71% downstream sector pipelines capacity in India.


As the commercial enterprise with the largest customer interface in India, Indian Oil has the onerous task of reaching precious petroleum fuels to every nook and corner of the country through its network of over 46,500 customer touch-points, surmounting the challenges of tough terrain, climate and accessibility.


This includes over 26,000 fuel stations, including over 7,000 Kisan Seva Kendra (KSK) outlets in rural markets. For the convenience of large-volume consumers like the defence services, railways, state transport undertakings and core sector industries, IndianOil has 6,520 dedicated pumps in operation at their doorstep to ensure timely delivery of products and efficient maintenance of inventory.

Indian Oil team reaches Indane LPG cooking gas right up to the doorsteps of 11 crore households in over 6,250 markets through a network of over 9,550 distributors. Indian Oil’s Aviation Service commands a 59.3% market share in aviation fuel, serving national and international flag carriers, private airlines and the Indian defence services with equal efficiency.


While serving millions of customers from diverse segments, Indian Oil has also built up a portfolio of leading energy brands, including Indane LPG cooking gas, SERVO lubricants, XTRAPREMIUM petrol, XTRAMILE diesel, etc. Both SERVO and Indane are over 50 year old brands and have earned the coveted Superbrand status.


About RBL Bank

RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country. The Bank offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Agribusiness Banking, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations. It currently services over 3.98 million customers through a network of 246 branches, 188 Banking Outlets (BOs), 757 BC branches (including BOs), 100,017 Customer Service Points and 394 ATMs spread across 20 Indian states and Union Territories.


Over the last few years, RBL Bank has earned recognition in various national and international forums such as: CNBC ASIA’s India Talent Management Award (2017); ‘India’s Best Bank (Growth)’ in the ‘Small-Sized Bank Segment’ by Business Today-KPMG Best Bank Study for six consecutive years (2012-17); Business World’s ‘Best Growing Small Bank’ consistently for four years (2013,2014,2015,2017) and recognized by the World Economic Forum as a ‘Global Growth Company’ (GGC). RBL Bank is listed on both NSE and BSE (RBLBANK).


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Source: NV1


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