National Payments Corporation of India Launches eKYC with Oxigen to support Financial Inclusion

150430-28523-KYCNational Payments Corporation of India (NPCI) has launched eKYC services in the market with Payment Solution Provider, Oxigen to benefit the unbanked masses of India and urban youth. This move will also help 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.

Also Read: Oxigen has Launched a Social Mobile Wallet Service

This service enables customer to utilise services of the Oxigen mobile wallet, with a maximum value limit of INR 50,000 (called OxigenWallet 50,000) and these customers can now avail the full potential of payment services, such as paying for goods/services up to INR 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 OxigenWallet50,000 with-in seconds.

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“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.

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  • Mohammed Yasser

    Oxigen should focus on customer service first. It has no respect for its customers. It’s PayTM that is the Flipkart of mobile wallet services…

  • Ravi S

    Who is afraid of Aadhaar & why?

    As of Sep-2014, over 68 crore people (56% of population) have been
    assigned Aadhaar and 85 crore (70%) enrolled. As the public
    databases are getting interlinked one by one thru Aadhaar number in various states,
    we see the following effects:

    1.
    Govt employees cannot remain absent.
    Jharkhand govt Aadhaar biometric attendance is the best example.

    2.
    Cheats cannot hold more than one tax PAN
    to evade taxes and commit other frauds.

    3.
    Middlemen & officials cannot continue with corruption in social welfare
    pensions, scholarships, public health, NREGA, subsidy on PDS ration, kerosene,
    LPG etc.

    4.
    Ineligible, duplicate and ghost beneficiaries cannot steal from public welfare programs.

    5.
    Corrupts cannot buy & sell benami land & building.

    6.
    Corrupts cannot operate benami companies for money-laundering.

    7.
    Corrupts cannot operate benami bank accounts for black-money & money-laundering.

    8.
    Criminals, illegal immigrants & terrorists cannot hide anymore, will get detected and tracked easily.

    9.
    Criminals cannot hide as records are getting accessible to police from anywhere.

    10.
    Blood-sucking moneylenders (interest rate 20% to 30% pm) will lose
    to Aadhaar-enabled bank-lending.

    11.
    Poor farmers will not commit suicide after falling in debt-trap of
    moneylenders and Ponzi schemes.

    12.
    One cannot get another driving license and arms license once impounded.

    13.
    Black-marketers cannot hoard and resell public resources at
    premium.

    14.
    Proxy people cannot write exams and cast bogus vote.

    15.
    Ineligible people cannot misuse
    certificates of low income, domicile, education degrees and caste.

    16.
    People cannot get multiple voter cards and ration cards.