Oxigen e-wallet alters strategy

The firm says around 15,000 Oxigen micro ATMs have been deployed in 10 months, with monthly transaction value of Rs 350 cr of cash in and cash out, on AEPS

From being one of many in the crowded mobile wallet space, Oxigen Services has decided on moving to providing financial services via micro-ATMs.
 
The company will concentrate on adding customers in tier-II and tier-III cities, and beyond. With the change in its business model, the company has got into a tie-up with Adarsh Credit Co-operative Society. Their agreement is for Oxigen to deploy micro ATMs for Adarsh Credit’s advisors, for branchless banking and financial services.
 
Oxigen claims to be handling transaction values of Rs 12,000 crore a year. With this contract, it will add Rs 500 crore a