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Luup hooks with Oxigen

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CIOL Bureau
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MUMBAI, INDIA: Oxigen Services Pvt. Ltd, signed a service agreement with Luup. The signing ceremony was held during the official visit of a high profile Norwegian delegation to strengthen ties with India, attended by His Excellency, Mr. Trond Giske, Minister of Trade & Industry of Norway, says a press release.

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The tie-up between Oxigen and Luup is for promoting 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.

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.

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 UAE, a hub of Indian migrant workers) to remotely top-up the mobile phones of their families in India.

Through the partnership, Oxigen's 75,000 strong retail network will become part of an extended local and international payments gateway. With this combined effort Oxigen can expand its business reach overseas with Luup's international partners, such as retail banks, exchange houses, payroll providers and money transfer organisations, adds the company.

It added that this partnership will simplify one of the biggest remittance corridors by offering easy and simple access to mobile money to about 400 million un-banked people across rural India, thus providing a push towards financial inclusion .

India receives more than 50 B $ annually in remittances from Overseas Indians, out of which approx 25B$ is from Gulf countries alone. This New low cost Mobile-based money transfer service will benefit their Indian families who will now be able to receive money into the No Frill Accounts opened at Oxigen SBI Banking Kiosks in their neighborhood.