The card created on phone can be transferable to friends or family members through the app. The customers need not to pay any transaction charges for transferring money in to the virtual card.
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Digital wallet firm Oxigen, financial technology firms Visa and Zazoo have partnered to launch a virtual pre-paid card that can be used for online transactions.
“There are lot of people who are unable to transact online because they don’t have a debit or credit card. Through this partnership, we are enabling Oxigen wallet to generate a virtual Visa pre-paid card whenever they want an online transaction,” Oxigen Services Chairman and Managing Director Pramod Saxena told PTI.
He said that the prepaid card is enabled by mobile virtual card (MVC) technology. Visa Prepaid utilises existing and traditional payment methods and enhances them by replacing plastic card data with a virtual card data, hence eliminating the risk of theft, phishing, skimming, spoofing, he said. To create a virtual card, a customer needs to fill in the payable amount in the Oxigen Wallet and a new virtual card will be created immediately. It can be used in places where Visa debit card payments are accepted.
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The card created on phone can be transferable to friends or family members through the app. The customers need not to pay any transaction charges for transferring money in to the virtual card. “We are extremely pleased to offer MVC through Oxigen Wallet, giving users easy and anytime access to create, spend and send virtual cards anywhere VISA is accepted in India,” Zazoo India Managing Director Dhruv Chopra said. Saxena said that the new technology will do away with ecommerce companies restricting use of mobile wallets of other firms to promote their own digital wallets.
“Visa is committed to delivering benefits of digital payments to newer segments of customers and this is a great example where Oxigen wallet customers will now have access to the extensive network of ecommerce merchants who accept Visa,” Visa Country Manager for India and South Asia TR Ramachandran said.Saxena said that growth of mobile wallets is directly linked to smartphone adoption in the country.
“With growth of smartphones, we expect to add 100 million users of Oxigen Services using virtual Visa card in next 2 years,” Saxena said.
At present, Oxigen has a retail footprint of 2 lakh outlets and has processed over 2 billion transactions till date with a current transaction volume rate of 600 million transactions per annum. It has a customer base of over 150 million, he added.
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