India

Oxigen Services Launches India’s First True Paperless Expense Management Solution for SME’s and Large Corporates


  • Oxigen’s Rupay Prepaid Card to have 100% PoS Acceptance Nationwide


  • Offers Salary Disbursement using a pre-paid debit card without Bank Account Opening


 


 


 






 

OEMS


India’s leading payment solutions provider – Oxigen Services today announced the launch of India’s first All-in-One Pre-Paid Debit Card based Expense Management Solution in collaboration with Rupay and RBL Bank. It is India’s first card which offers On-the-Fly EKYC for instant Card Activation. Oxigen’s strategic move comes in the wake of digitising employee benefits and reimbursements which as per a recent study the industry accounts for approximately over Rs. 50,00 crores and it is largely paper based.


 


Oxigen aims to provide this solution to SME’s and large corporate offering them services like Flexi Benefits – Food, Fuel, Mobile, LTA, Books and Periodicals, Rewards & Recognition Disbursement, Travel Advance, Petty Cash Disbursement, Digital Marketing Expenses, Vendor Payments, Employee Incentives and Salary Disbursement without Bank Account Opening etc.


 


For Employees, benefits comprise of 100% PoS Acceptance Nationwide, Works both as a pre-paid Debit Card on PoS and virtual card on E-commerce sites, Multiple Use Mode – Online, Offline and ATM, Cash Withdrawal from ATM. Also, you need not to have a minimumbalance. Bundled with deals & offers, Oxigen’s expense management system makes the offering unique.


 






 

Mr. Ankur Saxena, Vice Chairman and Joint Managing Director


On the announcement of the launch, Mr. Ankur Saxena, Vice Chairman & CEO, Oxigen Group said, “We are delighted to launch India’s first true paperless expense management solution. It will be a game changer in driving digital payments for companies. By offering solutions for Operational Expenses, Salary Payments, OEMS will create a true cashless infrastructure. Employee benefits, paper bill reimbursements and micro salary disbursement amounts to a big chunk of paper work and that will all reduce with OEMS.”


 


Oxigen Services which has a vast offline presence of 2,00,000 retail touch points and Oxigen Wallet works in sync offline to online to provide this state of the art Oxigen’s expense management solution. The card is integrated within the Oxigen Wallet application to Manage Card in real time environment offering features like Load Money by individual user using CC/DC/Net Banking in-App, Block Card, Set PIN, View Transaction History, View Balance by Section etc. Oxigen Services is the first Company to offer Pre-paid card Issuance to Individuals without a Bank Account at Oxigen’s 2,00,000 retail touch points.


 


Use Case 1 – Rewards & Recognition Programs – Many a times company’s rewards and recognition programs are paid out through closed looped cards or gift vouchers which can only be redeemed at few or selected merchants/outlets.


 


Use Case 2 – Fleet Payment Management System – Many a times companies have to pay-out huge amounts of cash to their field units. This becomes a major exercise to manage cash and paper work of bills submission and helps in reducing pilferage.


 


Use Case 3 – Employee Travel Advances – Currently employees have to use their own debit cards or credit cards while travelling but with this Pre-paid debit cardemployees can use one single card for all official expenses.


 


Use Case 4 – Vendor Payments – Many a times company’s marketing, or purchase department have to use their personal cc/dc cards for making online payments for digital marketing spends, online purchases etc.


 


Use case 5 – Salary Pay-out – Employers can disburse the salaries of the employees in the cards even if they don’t have their bank accounts ready. The card can be activated instantly and the disbursal can be done anytime.


 


About Oxigen Services India Pvt. Ltd. (www.myoxigen.com)


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.


Source: NV1

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