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Instant Money Transfer Within India With Oxigen

By Mohammed Waseem

Instant Money Transfer is the trend today and small operators are coming up with instant money transfer solutions and are gaining lot of customers. Since the introduction of M-Pesa, the world has seen a large number of e-wallets and m-wallets. M-Pesa itself has been adopted in a number of countries, either independently or in partnership with a local mobile operator.

In India, M-Pesa works with Vodafone, while many other wallets are also available, including Airtel, YPAYCASH, OxiCash and so on. These operators require authorization from from the Reserve Bank of India (RBI) in order to operate in the country. All operators function in similar ways, but offer slightly different features.

OxigenOxiCash is a mobile wallet, also known as Oxigen Wallet, that facilitates instant money transfer to bank accounts, as well as to other Oxigen Wallets. The cash that can be stored in the wallet depends on what type of wallet one owns. They have Oxigen 10000 and Oxigen 50000; the former has a limit of INR 10000 maximum storage, while the latter does not.

Oxigen 10000 does not allow cash withdrawal and maximum limit per transaction is INR 10000. Maximum deposit allowed is INR 5000 and INR 10000 per month. The Oxigen 50000 wallet does not have such limitations.

There are three ways to send money with an Oxigen Wallet. The first one is wallet to wallet transfer and the second one is transfer to a bank account using the NEFT (National Electronic Fund Transfer) network, that works with IFSC (Indian Financial System Code). The third way is transfer to a bank account using MMID (Mobile Money Identifier).

This service is excellent for those who do not have a bank account of their own. Even if they do, they can transfer money to any bank in India instantly. This is a major difference with OxiCash, compared to other mobile wallets.

To open a wallet account, this link can be followed, or an SMS can be sent with the following details: “Oxigen*Agree*DOB(DDMMYY)*Full Name”, sent to 9870888888. The wallet can be refilled through net banking, debit cards, credit cards, in cash through any of Oxigen outlets and IMPS (Immediate Payment Service), which is an inter-bank electronic instant mobile money transfer service through mobile phones in India.

Will contactless payment systems replace cash?

Contactless payments
Will you soon be able to pay for products by waving your phone at a reader?

People hate carrying cash nowadays, and one of eight people believes that cash will become obsolete in the future, according to Barclaycard and Barclays. No one likes having a ton of spare change, or having a wallet stuffed with one dollar bills. And people feel uncomfortable and insecure when carrying large denomination bills.

According to the study, £23 is the average amount of money that can be found in a purse or wallet. Also according tot he study, many people hate carrying loose change, and the majority (57 per cent) of respondents said they refuse to carry around one and two penny coins. One fifth said they avoid carrying cash entirely.

Dan Wass, head of current accounts and contactless at Barclays, commented: “Although we are far from becoming a ‘cashless society’, it’s clear from our research that cash is no longer king.”

Credit cards are less popular these days after the credit crunch of recent years. People are also sick of the various predatory fees charged by credit card companies.

Debit cards continue to be a popular wait to pay for retail products.

Instant money transfers or so-called “contactless payments” in which a person swipes a card or device, and money is transferred instantly, could be the wave of the future.

Contactless payment systems include credit cards and debit cards, key fobs, smartcards and any other devices which use RFID for making secure payments. The embedded chip and antenna enable buyers to wave their card or fob past a reader at the point of sale. Some suppliers claim that transactions can be twice as fast as conventional cash, credit, or debit card purchases. Because no signature or PIN entry is typically required for contactless purchases under US $25 in the US and under £15 in the UK, research indicates that consumers are likely to spend more money due to the ease of the transaction. MasterCard Canada says it has seen “about 25 percent” higher spending by users of its PayPass-brand RFID credit cards.

However, research indicates that some people still refrain from making contactless payments due to fears about security and a lack of understanding about how the technology works.

Methods are being developed to protect people’s security when using contactless payments. For example, although a number of payments can be made merely by touching a device to a shop’s outlet, only a certain number of transactions can be made before a user is required to enter their pin.