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Oxigen-SBI Kiosk Banks closes Rs. 500 crore of transactions in a yr

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VoicenData Bureau
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Oxigen, the payment solution provider in association with State Bank of India achieved Rs. 500 crores of banking transactions in its first year of operations. Using Kiosk Banking technology to open No Frills Bank accounts with domestic money transfer facility, Oxigen's Kiosk banking business has reached one million transactions in its very first year of operations. Oxigen clocks more that 20 million transactions every month, for other aggregated services, said a release.

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Oxigen has deployed its proprietary service aggregation and transaction platform by enabling over 1400 new retailers as Business Correspondents for SBI's Kiosk Banking CSP service. Oxigen has further enriched these retailers portfolio to provide to their customers Oxigen's single point Recharge, Payment & Ticketing services. This combination of service aggregation coupled with Kiosk Banking services ensures the viability of these retailers, and helps them to successfully make faster transactions across multiple services.

Oxigen has made new outlets to increase its footprint. It has currently covered 916 unbanked villages that have no rural bank branch presence to serve its population. Oxigen's banking services will multiply at a fast pace as it has plans to convert a large number of its existing retailer base of 1,00,000 into Banking outlets. Oxigen plans to add 1000 urban CSP outlets and another 2000 unbanked villages, by March 2012.

Besides this, CSP Banking Kiosk channel of Oxigen had facilitated disbursement of Old Age Pension in Mannaparai block of Trichy district in Tamil Nadu. The Old Age Pension program entitles eligible senior citizens to Rs 1,000 of government welfare benefit on a monthly basis.

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