Oxigen Receives RBI Approval For Cashless Payments

Oxigen-Receives-RBI-Approval-For-Cashless-PaymentsThe Reserve Bank of India (RBI) has given approval to Oxigen to setup Bharat Bill Payments Operating Unit (BBPOU) for cashless payments.

This comes under the Bharat Bill Payments Systems (BBPS) commissioned by the National Payment Corporation of India (NPCI); in order to disrupt the traditional cash based economy and mark a shift toward cashless payments, following in line with the global standards.

The principal approval by RBI allows Oxigen to connect with the central bill payments and settlement system of NPCI, also known as BBPS.

Owing to Oxigen’s extensive 200,000 retail touch points located across the country, customers will now be able to avail digital bill payment services either by cash or wallet.

Pramod Saxena, chairman & managing director, Oxigen Services said, “This is a significant moment for Oxigen, as our 150 million customers would now be able to access a much larger portfolio of billers. Oxigen will now further expand its reach with the use of BBPS’s platform, in addition to our current existing set of direct billers. Additionally, our customers have the ease of paying cash over the counter for these billers at our 2 lakh retail outlets or using the Oxigen Wallet, in real time, pan India.”

Clearing bills often drains and exhausts a lot of time that can otherwise be utilized in meaningful pursuits. Oxigen has in the past processed bills by connecting directly to various billers. Getting the license from the RBI would further increase Oxigen’s reach to all billers falling under the ambit of Bharat Bill Payments System.

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