Digital money wallet Oxigen and RBL Bank have joined hands to supply cash to people through micro ATMs installed in mobile vans across Delhi NCR.
"As per the arrangement, three lakh plus retail outlets of Oxigen can now remit their cash collection at the Federal Bank branches pan India. This helps the outlets to get replenished their running limits on the spot enabling them to continue to serve the customers hassle free," Federal Bank said while announcing the partnership.
The company had received the Reserve Bank nod in March this year to run the semi-closed PPI service.
Kishore Biyani, founder and chief executive officer (CEO) of Future Group, says Oxigen Wallet's franchisees will assist Big Bazaar Direct's retailers and he expects 10,000 franchisees to be live in the next 12 months post tie-up.
"There are lot of people who are unable to transact online because they don't have a debit or credit card. Through this partnership, we are enabling Oxigen wallet to generate a virtual Visa pre-paid card whenever they want an online transaction," Oxigen Services Chairman and Managing Director Pramod Saxena told agency.
The firm is also eyeing a large share of the remittances market and prepares the ground for launching a payments bank.