India's leading payment solutions provider-Oxigen Services on Tuesday announced the launch of India's first all-in-one prepaid Debit Card-based expense management solution in collaboration with Rupay and RBL Bank.
It is India's first card which offers on-the-fly e-KYC for instant card activation.
Oxigen's strategic move comes in the wake of digitising employee benefits and reimbursements, which, as per a recent study, the industry accounts for approximately over Rs. 5000 crores and largely paper-based.
Oxigen aims to provide this solution to SME's and large corporate offering them services like Flexi Benefits - Food, Fuel, Mobile, LTA, Books and Periodicals, Rewards and Recognition Disbursement, Travel Advance, Petty Cash Disbursement, Digital Marketing Expenses, Vendor Payments, Employee Incentives and Salary Disbursement without Bank Account Opening etc.
For Employees, benefits comprise of 100 percent PoS Acceptance Nationwide, Works both as a pre-paid Debit Card on PoS and virtual card on E-commerce sites, Multiple Use Mode - Online, Offline and ATM, Cash Withdrawal from ATM. Also, you need not to have a minimum balance. Bundled with deals and offers, Oxigen's expense management system makes the offering unique.
"We are delighted to launch India's first true paperless expense management solution. It will be a game changer in driving digital payments for companies. By offering solutions for Operational Expenses, Salary Payments, OEMS will create a true cashless infrastructure. Employee benefits, paper bill reimbursements and micro salary disbursement amounts to a big chunk of paper work and that will all reduce with OEMS," said Ankur Saxena, Vice Chairman and CEO, Oxigen Group.
Oxigen Services which has a vast offline presence of 2,00,000 retail touch points and Oxigen Wallet works in sync offline to online to provide this state of the art Oxigen's expense management solution. The card is integrated within the Oxigen Wallet application to Manage Card in real time environment offering features like Load Money by individual user using CC/DC/Net Banking in-App, Block Card, Set PIN, View Transaction History, View Balance by Section etc.
Oxigen Services is the first Company to offer Pre-paid card Issuance to Individuals without a Bank Account at Oxigen's 2,00,000 retail touch points.
Use Case 1 - Rewards and Recognition Programs - Many a times company's rewards and recognition programs are paid out through closed looped cards or gift vouchers which can only be redeemed at few or selected merchants/outlets.
Use Case 2 - Fleet Payment Management System - Many a times companies have to pay-out huge amounts of cash to their field units. This becomes a major exercise to manage cash and paper work of bills submission and helps in reducing pilferage.
Use Case 3 - Employee Travel Advances - Currently employees have to use their own debit cards or credit cards while travelling but with this Pre-paid debit card employees can use one single card for all official expenses.
Use Case 4 - Vendor Payments - Many a times' company's marketing, or purchase department have to use their personal cc/dc cards for making online payments for digital marketing spends, online purchases etc.
Use case 5 - Salary Pay-out - Employers can disburse the salaries of the employees in the cards even if they don't have their bank accounts ready. The card can be activated instantly and the disbursal can be done anytime