Oxigen completes its ecosystem of Branchless Banking Partnerships with a Traditional Bank, New Age Bank, Digital Bank & now Small Finance Bank to expand Branchless Banking in India
In an event graced by Brand Ambassador Grand Master Viswanathan Anand, Fincare Small Finance Bank celebrated its first anniversary and announced its entry into Mumbai. At the same event Oxigen and Fincare Small Finance Bank signed an agreement to roll out the Branchless Banking services, using Oxigen’s flagship Point of Sale device called the Oxigen Micro ATM Super PoS.
Oxigen has been marching forward on its financial inclusion agenda to offer Branchless banking services to India’s rural unbanked/underbanked segments. As per Oxigen’s expansion plans, it had decided to engage and tie up with all segments of Bank profiles, which included Traditional Banks, New Age Banks, Digital Banks and Small Finance Banks. In 2010, Oxigen secured its first tied up with SBI in the Traditional Banks category, thereafter in 2014, in the New Age Banks segment, it tied up with RBL Bank; in 2015, the Digital Banking segment was closed with DBS Bank, and now finally Oxigen closes its banking tie up mandate in the Small Finance Bank category, with Fincare Small Finance Bank. This strategic partnership will further augment Fincare bank’s brick and mortar network by setting up Business Correspondent outlets at Oxigen Retail Touch points, as well as expand its product and service offerings.
Through Oxigen, Fincare Small Finance Bank will also offer bill pay services to its customers through internet and mobile banking, in addition to expanding to other payments services such as POS network, micro-ATMs, pre-paid cards, Bharat Bill Payment System (BBPS), UPI & Bharat QR and Aadhaar Enabled Payment System (AEPS). Oxigen has a retail network of 1,00,000 outlets, with 35000 of them, who are currently already conducting the branchless banking business.
Speaking at the event, Mr. Rajeev Yadav, MD and CEO, Fincare Small Finance Bank said, “Oxigen Services has demonstrated a proven model of combining the power of technology with a human touch to deliver financial services in the last mile. Likewise, with Fincare Small Finance Bank’s roots in delivering financial services to the unserved and underserved segments though a high touch, high tech model, Oxigen naturally complements our values. Fincare’s tech capabilities, combined with Oxigen’s vast retail network and payments solutions will help boost our efforts in delivering our financial inclusion agenda.”
Grandmaster Viswanathan Anand, Brand Ambassador for Fincare Small Finance Bank, said, “It is great to see digital innovation being used by Fincare to bring financial products and services to the underbanked segments. I am proud to have partnered with Fincare on this journey over the past one year.”
Speaking on the occasion, Mr. Sunil Kulkarni, Joint MD, Oxigen Services said, “Oxigen has pioneered a financially viable Branchless Banking model with its Micro ATM SuperPoS that does real time branchless banking, merchant payments and services aggregation at a BC Agents’ points of presence. We are very excited to extend the benefits of the model through this strategic partnership of becoming a National BC for Fincare Small Finance Bank. We look forward to setting up their branchless banking points as well as Mobile BC Agents for taking Fincare’s banking solution to the unbanked/underbanked segments.”
The small finance bank commenced operations in July 2017, following the in-principle approval awarded by the RBI to 10 entities in September 2015.
About Oxigen Services India Pvt. Ltd. (www.myoxigen.com)
Oxigen is one of India’s Largest Payments Solutions Provider. In the last 14 years, Oxigen has established nationwide payments ecosystem, in a seamlessly networked environment, using it’s proprietary technology to deliver payments and remittances in real time and facilitate easy access to “last mile” banking, remittances and other financial products, within the convenient reach of people, with a focus on rural India.
Oxigen provides inter-operable, low-cost wireless technology driven infrastructure, integrated with Aadhaar, agnostic to banks and telecoms, and is delivering affordable services to the masses including banking services, promoting saving products, insurance, pension and more.
Oxigen has a long standing, where it is not only a trusted Partner to the Banks, but are also customer favoring, by providing them door to door banking services, especially in rural and remote areas.
Oxigen provides branchless banking services integrated with Aadhaar to facilitate Aadhar Based Banking like Cash In/Cash Out from bank account, Bank Transfers, eKYC, and merchant payment services with NFC (Tap Pay), Card Payments (Rupay, Visa, Master Card), Bharat QR, Bhim UPI, Aadhaar Pay, Cash @ PoS using Cards. Traditional services also 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 1,00,000 retailers who, in turn, provide these services to end customers.
Oxigen is National Banking Correspondent for State Bank of India and Ratnakar Bank with over 30,000 BC agents and 20,000 deployed with Micro ATM as part of Honorable Prime Minister’s Financial Inclusion and Digitization program in rural area India. Oxigen’s Micro Atm’s are being deployed at Co-operative banks, Smart cities, IOCL petrol stations, Mother Dairy outlets, which will approximately account for 30-50,000 new outlets.
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 with a 5 million user base now. www.oxigenwallet.com.
Oxigen also provides Online and on Mobile Merchant Payments services, using Oxigen’s signature white-label solution to many telecoms operators/banked mobile Wallets like Airtel Money, Vodafone mPesa & Idea Cash and online/mobile banking portals of ICICI Bank & SBI and many more.
Oxigen has a 150-million customer base and a retail footprint of over 1,00,000 outlets. Till date, Oxigen has processed over 2 billion transactions, with an existing volume of over 600 million transactions per annum.
Oxigen services are device agnostic and available through its flagship point of sale device “Oxigen Micro ATM”, Oxigen Retail website and Oxigen mobile App.
About Fincare Small Finance Bank
Fincare Small Finance Bank (‘Fincare SFB‘) has been formed by the conversion of Disha Microfin Limited (‘Disha Microfin‘), an NBFC-MFI. Disha Microfin was one among the 10 recipients of the ‘in-principle‘ approval from the Reserve Bank of India (‘RBI‘) in September 2015, an approval granted to select NBFCs & microfinance institutions to set up Small Finance Banks with the objective of furthering financial inclusion.
After having successfully executed the Small Finance Bank transformation journey, Disha Microfin received the final license from the RBI in May 2017 under Section 22 of the Banking Regulation Act 1949 to launch banking operations. Fincare Small Finance Bank commenced banking operations on the 21st of July, 2017.
Fincare Small Finance Bank aims to transform banking by making products simple, processes automated and convenient, and decisions and transactions instantaneous for all their customers. Powered by technology, Fincare SFB has set a vision to be the first of its kind ‘Rurban’ Bank which on the one hand is catering to the needs of the base of pyramid, mass retail and micro & small enterprise segments and enabling their financial inclusion and on the other hand, providing modern, innovative and digital banking solutions to the digitally-savvy, metro and urban consumers. Fincare SFB serves over 11 lakh customers in eight states across India.
For more information, please visit www.fincarebank.com.