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Oxigen announces a strategic partnership with Fincare Small Finance Bank

ANI  |  New Delhi [India] 

In an event graced by Brand Grand Master Viswanathan Anand, celebrated its first anniversary and announced its entry into

At the same event and Fincare Small signed an agreement to roll out the Branchless services, using Oxigen's flagship Point of Sale device called the Micro Super PoS.

has been marching forward on its financial inclusion agenda to offer Branchless services to India's rural unbanked/underbanked segments. As per Oxigen's expansion plans, it had decided to engage and tie up with all segments of profiles, which included Traditional Banks, New Age Banks, Digital Banks and Small Banks.

In 2010, Oxigen secured its first tied up with SBI in the Traditional Banks category, thereafter in 2014, in the New Age Banks segment, it tied up with RBL Bank; in 2015, the segment was closed with DBS Bank, and now finally Oxigen closes its banking tie-up mandate in the Small category, with This strategic partnership will further augment Fincare bank's brick and by setting up Correspondent outlets at Oxigen Retail Touchpoints, as well as expand its product and service offerings.

Through Oxigen, will also offer to its customers through internet and mobile banking, in addition to expanding to other such as POS network, micro-ATMs, pre-paid cards, Bill Payment System (BBPS), and QR and Aadhaar Enabled Payment System (AEPS). Oxigen has a of 1, 00,000 outlets, with 35000 of them, who are currently already conducting the

Rajeev Yadav, MD and CEO, said, "has demonstrated a proven model of combining the power of technology with a human touch to deliver in the last mile. Likewise, with Fincare Small Finance Bank's roots in delivering to the unserved and underserved segments through a high touch, high tech model, Oxigen naturally complements our values. Fincare's tech capabilities, combined with Oxigen's vast and will help boost our efforts in delivering our financial inclusion agenda."

Grandmaster Viswanathan Anand, Brand for Fincare Small Finance Bank, said, "It is great to see digital innovation being used by Fincare to bring and services to the underbanked segments. I am proud to have partnered with Fincare on this journey over the past one year."

Sunil Kulkarni, Joint MD, said, "Oxigen has pioneered a financially viable model with its Micro Super PoS that does real-time branchless banking, merchant payments, and services aggregation at a BC Agents' points of presence. We are very excited to extend the benefits of the model through this strategic partnership of becoming a National BC for Fincare Small Finance Bank. We look forward to setting up their points as well as Mobile BC Agents for taking Fincare's banking solution to the unbanked/underbanked segments."

The small finance bank commenced operations in July 2017, following the in-principle approval awarded by the RBI to 10 entities in September 2015.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 25 2018. 14:30 IST