Payment software provider Oxigen Services India Pvt. Ltd. plans to update its mobile wallet with a virtual Visa card for online payments.
The one-time use virtual card numbers are the latest of many updates to the wallet since its launch last year as OxiCash and this year's rebranding as Oxigen Wallet.
Oxigen will partner with banks in India to generate the Visa cards, said Pramod Saxena, Oxigen's founder, chairman and managing director.
"We want to make financial transactions as easy and user-friendly as possible and also play a part in financial inclusion," Saxena said. The virtual cards will come in an update scheduled for two to three months from now.
Oxigen has also been testing "biometric-authenticated cash withdrawals" for merchants in remote locations that necessitate added security, Saxena said. The authentication system works with an Oxigen point of sale device built with a mobile GPRS (general packet radio service) chip.
Oxigen has also developed payment software that allows wallet users to share money across social networking and messaging platforms. It supports payments through Facebook, Google+, Twitter and WhatsApp by using Oxigen's iOS or Android application.
Senders do not need to know the recipient's bank account details, Saxena said. Social media users can send money by selecting a person and entering a payment amount. When funds are sent to someone without an Oxigen Wallet account, the recipient must open an account within seven days to access the funds, according to the Oxigen website. Otherwise, the funds are returned to the sender.
Oxigen Wallet users generally use the app to pay bills, shop online and transfer money to bank accounts, Saxena said.
For general transfers, the company integrated the wallet with the National Payments Corporation of India to allow consumers to use their smartphones for instant money transfers using the country's Interbank Mobile Payment Service.
The growth of Oxigen services and bank partners illustrates "how the investment at the infrastructure level helps drive innovation for end users," said Zil Bareisis, a London-based senior analyst for the research firm Celent.
Since the National Payments Corporation established the Interbank Mobile Payment Service a few years ago, Oxigen has risen to become the No. 1 platform on implementing IMPS money transfers, Bareisis said. "They are facilitating money transfers across 60-plus banks."
The addition of virtual Visa cards and the support of social media should appeal to India's tech-savvy youth population, Bareisis said.
Oxigen also works with State Bank of India, ICICI Bank and Ratnakar Bank to provide financial services to wallet users at bank kiosks, including money and benefits transfers, micro-loans or micro-insurance services.