News

ATM/POS hybrid device promotes financial inclusion

September 14, 2012

Indian payments company Oxigen has launched a mini ATM/POS that can help provide financial services to India's unbanked rural masses. OxyShaan, connects to a network via GPRS and comes with battery back-up to combat power failures.

The device allows mom-and-pop stores (also called kirana stores) to perform everyday banking tasks for those who otherwise would not have access to financial services, according to a report by voicendata.com.

"The masses of India will not only have benefits of ATM like banking services such as cash-in, cash-out but will also have the advantage of paying for utility services like mobile recharges, DTH recharges, merchant payments, at one single point," said Oxigen chairman, Pramod Saxena.

OxyShaan is a cooperative effort between Oxigen and Telepower China. So far Oxigen has helped the Indian government to establish 100,000 electronic pension accounts by means of OxyShaan. Over the next three years company expects to install 250,000 of its ATM/POS devices.

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