Adarsh Credit, a credit co-operative society, has signed an agreement with digital payment company Oxigen Services to install micro ATMs for their agents and help them in their branchless banking initiatives.
The association will further help to leverage Oxigen’s existing retail network of 200,000 retail points, which will become business correspondents for Adarsh Credit.
The retailers will also be able to offer services like account opening through e-KYC, Aadhaar enabled cash in and cash out, cashless Bharat Bill Payment services and recharges. Adarsh Credit aims to reach its 2020 target of acquiring 100,000 new villages that will become financially inclusive, reported Business Standard.
“Through its single largest deployment of 100,000 Oxigen Micro ATMs within one year, we aim to serve people in rural and suburban India. This association would benefit nearly 1.8 million Adarsh members,” said Pramod Saxena, chairman, Oxigen Services.
Prior to this agreement, Oxigen was engaged with Adarsh Credit Cooperative Society for supporting Mobile/DTH Recharges and wallet top-up to Adarsh customers through their mobile money application Adarsh Money.
Currently, Adarsh Credit Co-Operative Society owns a core banking platform and has 809 branches. It has around 300,000 agents, of which 100,000 are active transacting advisors, who are serving 18 lakh account holders.
A listed company on South African Stock Exchange, Oxigen started in 2004 as a mobile recharge company, and it went on to add other services such as airline and movie ticket booking, remittance facilities and mobile wallet. But its strength now lies in its offline play through offerings such as point-of-sale terminals and micro ATMs, or modified PoS devices that allow users to carry out banking transactions.
Other than mobile wallet companies such as Paytm, MobiKwik, and FreeCharge, Oxigen competes with the likes of Fino PayTech, Ezetap, Mswipe and PayU in the offline segment.
Adarsh Credit: Website