Launched in 2004, Oxigen has created a closed-wallet platform where consumers can pay cash for services at small shops, kirana stores and customer service centres in rural areas and big stores in urban areas. This money is then credited to the retailer’s wallet and can be used to make payments. Oxigen has 2 lakh retail access points at which 600 million transactions were done last year; this year, the figure will rise to 750 mill
With a retail payments business that's profitable, Oxigen is hoping its consumer wallet business to break even soon
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