2 min read.Updated: 21 Nov 2016, 07:44 PM ISTKomal Gupta
Payments solutions provider Oxigen to enable its merchant application to start supporting mVisa and Masterpass Quick Response code based transactions
New Delhi: Payments solutions provider Oxigen Services India Pvt. Ltd Monday said it will start accepting cards issued by VISA and MasterCard on its micro ATMs and enable its merchant application to start supporting mVisa and Masterpass Quick Response’ (QR) code based transactions.
Micro ATMs are Aadhaar-enabled portable devices that accept debit cards by RuPay, that connect to the bank’s servers to help customers withdraw and deposit cash.
“Once we have integrated with VISA and MasterCard by the next month, all our micro-ATMs which currently support only RuPay debit card transactions will also start accepting credit cards as well. We introduced micro ATMs as Super PoS (point of sale) service under the Jan Dhan Yojana and facilitated RuPay card transactions to enable financial inclusion," said Sunil Kulkarni, deputy managing director, Oxigen Services.
RuPay, a domestic card scheme conceived and launched by the National Payments Corp. of India (NPCI) facilitates electronic payment at all Indian banks and financial institutions, and competes with MasterCard and Visa.
In the context of the government instructing banks to deploy more micro ATMs especially in the rural areas after the demonetization of Rs500 and Rs1,000 notes, he said, “Before demonetization, we used to record transactions worth Rs1.5 lakh per ATM per month, but now in the last one week, we have recorded transactions worth Rs3 lakh per ATM per day."
“For small merchants, a QR-based merchant acquisition strategy is the right strategy because he does not have any capex to spend and still we can enable him to accept cardless transactions. It can be done using a standard based QR code i.e. one QR code for all payments i.e. via mVisa, Masterpass, RuPay and Unified Payments Interface (UPI)," added Kulkarni.
MasterCard last week introduced Masterpass QR mobile payments solution in India while mVisa QR codes were launched last year. ICICI Bank was the first to offer mVisa to its customers in October last year.
Oxigen micro ATMs are currently present in more than 250 locations across the country including rural areas of Bihar, Jharkhand ,Orissa and eastern India.
In Delhi-NCR also, these micro ATMs are being operated from 15 locations for cash-in and cash-out purpose through Oxigen World (Oxigen owned Retail Outlets).
It works on a 2G connection and performs functions such as bank account opening, eKYC, bill payment, money transfer, Adhaar enabled cash-in and cash-out for all banks, wallet loading, etc.
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