Digital payments and mobile wallet service provider Oxigen, is reportedly in talks with Visa, RuPay and MasterCard in order to launch virtual prepaid cards, reports Economic Times.
The company is planning to launch the cards within one month. The card will be similar to the regular card we use. It will have a 16-digital unique number along with CVV number and validity period.
Oxigen Wallet is India’s first non-bank wallet approved by RBI to be integrated with National Payment Corporation of India. Using this service, users can make instant payment or transactions within a network of 60 banks.
As per the company, it currently has a customer base of more than 1,30,000 users who make an average of around 35 million transactions per month. The company also claims that this is the first of its kind offering among wallet service providers.
Ankur Saxena, CEO of Oxigen Wallet, said,
We want to launch our virtual prepaid cards with Visa right now and eventually we will be doing it with RuPay and maybe even MasterCard, in order to give a full spectrum of options to consumers. We are doing final testing of the product and making minor modifications based on feedback. It should be out very soon.Today, a wallet is accepted at a merchant’s platform only if the merchant has agreed to accept it. This (virtual prepaid card) allows us the freedom to have the wallet accepted anywhere a Visa, MasterCard and RuPay gets accepted. We don’t want our wallet to be limited to X number of merchants; we want it to be used everywhere.
The company’s virtual card will have the limit similar to that of the mobile wallet system. If the user is holding Rs. 10,000 or less in his account, only mobile phone number verification and email verification is require. For higher amount, the user requires to submit full KYC documents which are require while opening a bank account.
Currently, Oxigen Walltet is facing a tough competition from PayTM, MobiKwick, etc. Recently, FreeCharge also launched its wallet service which surpassed 1 million users within a week of its launch, thus highlighting the
While most of the wallet service providers are offering cash-back to attract more users, Oxigen is planning to provide virtual prepaid cards which should help the company attract more users on its platform.