A Virtual Wallet for the Real World

by Pankaj Maru    Jul 07, 2008

Oxigen Services India, a Delhi-based solution provider, has facilitated this collaboration through OxiCash- its Virtual Mobile Wallet (VMW).

The prepaid-stored VMW helps customers pay their shopping bills through mobile phones. It can be used via the web, SMS, GPRS-enabled mobile phones, WAP, and other interfaces.

According to Pramod Saxena, chairman and managing director of Oxigen mobiles an inseparable accessory, and are a natural replacement of cash / wallets among people. “In the VMWs, easy and low cost data connectivity will enable safe and quick transactions including money transfer.”

He said that the mobile number is used to create a virtual wallet, and also acts as the wallet ID. It is protected with a 4-digit security password.

To enable transactions, the user has to deposit cash at any of the Oxigen 45,000 outlets or can use credit / debit cards for an online transfer through the ‘oxicash.in’ portal.

According to Saxena, the central OxiCash server (developed by an in-house IT team) along with SSL (Secure Sockets Layer) ensures safety through encrypted transactions. The operating system is on Microsoft Windows and the transactions are processed on a Microsoft SQL server.

Each SMS transaction on OxiCash is password protected. The company is also adding a 3-tier, two factor authentication-based security structure on SMS.

Oxigen avails the services of telecom service providers such as MTNL, BSNL, Vodafone, Airtel, etc. For OxiCash, it has tie-ups with retailers like INDMall, Asia Home Store, Game Stations, Bangalore Shoppe, etc.

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