India 10 November 2016: “In one of the impacts of the demonetization of Rs.500 and Rs.1,000 currency many e-commerce companies have temporarily discontinued COD. However affected users have found an option in Prepaid visa card. In the past couple of days, post demonetization announcement, the load value on Oxigen Wallet prepaid visa cards have increased by 4 times. The daily average number of users have also increased by 167% which is clearly showing a trend that people are adopting new ways to make cashless transactions. India’s first Non-Bank Mobile Wallet app Oxigen Wallet which has over 25 Million users, launched Prepaid visa cards in February this year. An Oxigen wallet user can create make a Prepaid visa card on the fly using balance in wallet or by cash loading through its 200,000 retail touch points spread across India and pay for all online transactions thereby addressing a concern for COD transaction ban. This product allows consumers who do not have credit cards or wary of using their debit cards to make cashless transactions online. With these new developments, we foresee a further surge in adoption of Oxigen Wallet and Prepaid visa.”
Mr. Sunil Kulkarni, Deputy MD, Oxigen Services