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Oxigen in talks with Visa, RuPay to launch virtual prepaid cards

  • Digital
    payments and mobile wallet company Oxigen is in talks with Visa, MasterCard and
    RuPay to soon launch virtual prepaid cards in the country, Chief Executive
    Ankur Saxena has said.
  •  
  • Like
    other cards, Oxigen’s virtual prepaid card will have a 16-digit number, a CVV
    number and a validity period. The company is planning to launch it within the

    • Digital
      payments and mobile wallet company Oxigen is in talks with Visa, MasterCard and
      RuPay to soon launch virtual prepaid cards in the country, Chief Executive
      Ankur Saxena has said.
    •  
    • Like
      other cards, Oxigen’s virtual prepaid card will have a 16-digit number, a CVV
      number and a validity period. The company is planning to launch it within the
      next one month.
    •  
    • Oxigen
      Wallet is India’s first RBI approved,
      non-bank wallet to be integrated with the National Payment Corporation of India.
      It allows instant payments within a network of over 60 banks. The wallet
      company claims to have an average 35 million transactions every month from a
      customer base of over 130,000.
    •  
    • “We
      want to launch our virtual prepaid cards with Visa right now, and eventually we
      will be doing it with RuPay and may be even MasterCard, in order to give a full
      spectrum of options to consumers,” Saxena told the
      Economic Times.
    •  
    • “We
      are doing final testing of the product and making minor modifications based on
      feedback. It should be out very soon.”
    •  
    • The
      limit on the virtual prepaid card will mirror the limit on the wallet subject
      to RBI guidelines, Saxena said. Under existing norms, only a ‘know your
      customer’ of the mobile number and email id verification is sufficient to hold
      Rs 10,000 in a mobile wallet.
    •  
    • “Today,
      a wallet is accepted at a merchant’s platform only if the merchant has agreed
      to accept it. This (virtual prepaid card) allows us the freedom to have the
      wallet accepted anywhere a Visa, MasterCard and RuPay gets accepted. We don’t
      want our wallet to be limited to X number of merchants; we want it to be used
      everywhere,” Saxena said.
    •  
    • Oxigen
      claims that its latest offering will be the first of its kind in the wallet
      space.

     

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