Now, Send Money Over Social Networks With Oxigen Wallet App

Besides, users would also be able to use their wallet to recharge their mobile phones, pay bills and shop across a large number of online merchants.

"Ours is the country's first social mobile wallet service through which people can share money with their friends and family over their preferred social networks and messaging platforms like Facebook, WhatsApp, Google+, and Twitter," Oxigen Chairman and Managing Director Pramod Saxena told PTI.

The service will find a high usage among the youth who go out for meals with their friends, split bills, send smaller but more frequent gifts to one another, he added.

Besides, they can also use the service for their own mobile recharges, bill payments and for payments on merchant sites like movie tickets, travel tickets, pizza, music and movie downloads etc., Saxena said.

"Oxigen now sees the opportunity to leverage the social connect to India's 900 million mobile users and 100 million Facebook accounts, where the youth is rapidly adopting social media apps like WhatsApp, Twitter etc," he added.

By using the Oxigen Wallet service, which is currently available through the App Store (for iOS) and Google Play (for Android), users can send money to their friends and family using their favourite social channel, without ever needing the recipient's bank account details, Saxena said.

Along with money, users can also send photos, videos and audio and text messages to personalise the transfer. In the coming weeks, users will also be able to gift or ask for a mobile recharge, he added.

Oxigen has processed over 2 billion payment transactions exceeding Rs. 20,000 crore, through small retail, modern retail chains and banking websites, he said.

The firm processes nearly half a billion transactions annually and has already acquired 1.5 million mobile wallet accounts, clocking close to 1 million transactions a month, he added.

Saxena spoke on the launch of the Oxigen Wallet service, saying, "The unique social connect brought to us through our exclusive partnership with Fastacash, places Oxigen Mobile wallet distinctly apart from any other player in the market. Merging payments with social and mobile will change the way people pay for their everyday needs. We will continue to evolve the service by adding more products & features, thereby creating an ecosystem for payments where you will no longer need multiple mobile apps for payments of different services. In other words, a single mobile app will meet all your payment needs and set money free, in its true sense."