Oxigen launches e KYC to support Financial Inclusion
In continuation of Industry’s many firsts, Oxigen has become the country’s first Non-bank to launch eKYC services in the market to benefit the unbanked masses of India and urban youth to make full use of Oxigen Mobile Wallet service without any hassle of paperwork/documentation of “Know Your Customer” (KYC) information as required by regulation.
eKYC is recognised by Reserve Bank of India (RBI) as Full KYC for opening Bank Accounts & Prepaid Payment Instruments (PPI), by Insurance regulator (IRDA) for KYC of insurance services and by stock market regulator (SEBI) for KYC of mutual funds. Many other institutions are also working on adaption of eKYC to reduce paperwork and provide convenience to customers.
Customers can provide their Aadhaar number and swipe their finger with the biometric scanner provided at select Oxigen outlets connected with Oxigen’s GPRS Point of Sale Terminal or PCs. The state of art eKYC technology delivered by Oxigen instantly gets the customer’s Aadhaar number and their biometric information verified from the Adhaar data base. This is possible with Oxigen’s technology solution using direct connectivity with National Payment Corporation of India (NPCI) that delivers eKYC service of Unique Identification Authority of India (UIDAI). After the verification of Aadhaar number with Biometric information and with customer’s consent, the KYC details such as customer’s name, date of birth, photograph and address is picked up from Aadhaar database and stored securely with the Oxigen Mobile Wallet System, this customer information as a VALID Full KYC.
This service instantaneously enables customer to get full benefits of the Oxigen mobile wallet, with of maximum value limit of Rs. 50,000 (called OxigenWallet50,000) and these customers can now avail the full potential of payment services, such as paying for goods/services up to Rs 50,000 per transaction, Instant Money Transfer of Rs 25,000 to any bank account- per month and allowing multiple reloads in this mobile wallet up to Rs 50,000 per reload. The important USP being that there is no paper work required and a customer walks away with OxigenWallet 50,000 with-in seconds.
This facility will be extended soon to all of Oxigen’s retail footprint of 150,000 touch points, pan India, to benefit the urban as well as rural masses.
“Oxigen has attained leadership position in delivering financial services like NPCI’s instant money transfer service (IMPS) and eKYC launch is another big step in our movement from “Cash to less Cash” which shows their commitment to provide convenience to masses using technology and their large connected retail base” said AP Hota, Managing Director & CEO, National Payment Corporation of India.
“In line with honourable 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. For urban youth, this is a hassle free mechanism to get OxigenWallet50,000 for money transfer among friends and pay for goods/services on-line/on-mobile. This facility can be extended to all banks that are looking at cost effective & reliable eKYC infrastructure for opening bank accounts and providing other services requiring customer identification without customer requiring to visit branch and bring original documents for verification. International Remittance into a bank account is one such big opportunity where Oxigen can play role of opening bank account and also enable cash out from its BC Agent’s outlets” 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.
Oxigen is constantly striving to deliver effective solutions to support Financial Inclusion in India and believes that eKyc will help many millions of India’s large unbanked population.
