Oxigen becomes first non-bank body to launch eKYC service with NPCI for financial inclusion
Thursday September 18, 2014,
2 min Read
Payment solution provider Oxigen has launched eKYC services to help unbanked masses of the country make use of Oxigen Mobile Wallet Service without the hassle of paperwork/documentation of ‘Know Your Customer’ (KYC) information as cited by regulatory bodies. Importantly, it’s the first non-banking body to launch the eKYC service.
For the uninitiated, eKYC is recognised by the Reserve Bank of India (RBI) as a complete KYC for opening bank accounts and prepaid payment instruments by insurance regulator (IRDA) for KYC of insurance services and by stock market regulator (SEBI) for KYC of mutual funds.
With this, people can provide their Aadhaar number and swipe their finger with the biometric scanner provided at select Oxigen outlets, which further connects with Oxigen’s GPRS point of sale terminal or PCs. The state of the art eKYC technology delivered by Oxigen instantly gets the customer’s Aadhaar number and their biometric information verified from the Adhaar data base.
“Oxigen has attained leadership position in delivering financial services like NPCI's instant money transfer service (IMPS), and the eKYC launch is another big step in our movement from ‘Cash to less Cash’, which shows their commitment to provide convenience using technology and their large connected retail base,” said AP Hota, Managing Director & CEO, National Payment Corporation of India.
The service instantaneously enables customers to get Oxigen mobile wallet with maximum value limit of Rs. 50,000.
At present, Oxigen connects 50 plus brands and has 40 million plus transactions per month. The Delhi-based company works on financial inclusion and business correspondent to country’s premier banks. The eKYC service will also be extended soon to all of Oxigen’s retail footprints of 150,000 touch points across the country.
“In line with the Prime Minister’s vision for digital India and Jan Dhan Yojana, e-KYC is a key enabler to include unbanked masses to use Oxigen Mobile Wallet for sending money back home,” said Pramod Saxena, Oxigen’s Chairman & Managing Director. "This eKYC service is scalable and can provide impetus to PM’s dream of digital India,” he added.