Oxigen Signs with Luup for Mobile Banking in India
Oxigen Services has signed a service agreement with Luup, a mobile payments company, for cost-effective and seamless branchless banking, cross-border as well as domestic remittances, and airtime top-up through the banking channel – all via a mobile handset. As India is the largest receiver of remittances globally, the new services enabled by Oxigen and Luup will benefit not only the large number of under- or unbanked in India, it will also bring convenience to the millions of migrants working in other countries who support them.
Oxigen will use Luup’s mobile money technology platform and services to run all of Oxigen’s bank-orientated mobile financial services, which will help it grow revenues. The new services will be scalable, secure and user-friendly – to benefit both end-users (banked, unbanked and under-banked) and bank kiosk agents.
Pramod Saxena, managing director and chairman, Oxigen, said: “Oxigen’s new partnership with Luup is a major step forward in enabling the unbanked and under-banked people in India to receive money from their earning family members overseas. Oxigen is continuing to leverage its retail foot print and payment solution software to bring greater convenience and cost savings to its customers.”
In addition, Luup will add all Oxigen services to its own portfolio of mobile branchless banking and mobile remittance solutions. The aim is to enable Indians living in other countries (starting with the United Arab Emirates (UAE), a hub of Indian migrant workers) to remotely top-up the mobile phones of their families in India.