Money transfer leads followed by recharges/ Prepaid visa emerged as an strong alternate option for COD
In a major impact of the demonetization of Rs.500 and Rs.1,000 currency many e-commerce companies have temporarily discontinued COD. Wallet to bank transfer is showing a dip on 12%, clearly indicating that consumers are using the wallet more for transactions rather than bank transfer. Being a leading digital wallet player, Oxigen has broken all previous records in load money and transaction count in the past 1 week after the demonetization issue. The Oxigen wallet download and load value on Oxigen Wallet prepaid visa cards have increased by 4 times, while the daily registrations have increased by 120 times. There is rise in the daily average users also and it has increased by 167% which is clearly showing a trend that people are adopting new ways to make cashless transactions.
India’s first Non-Bank Mobile Wallet app Oxigen Wallet, which has over 25 Million users, launched Prepaid visa cards in February this year. An Oxigen wallet user can create make a Prepaid visa card on the fly using balance in wallet or by cash loading through its 200,000 retail touch points spread across India and pay for all online transactions thereby addressing a concern for COD transaction ban. This product allows consumers who do not have credit cards or wary of using their debit cards to make cashless transactions online. With these new developments, we foresee a further surge in adoption of Oxigen Wallet and Prepaid visa.
On a new found trend in digital transaction, money transfer accounts for 40% of the transactions on the wallet followed by recharges. Average ticket size on money transfers is upwards of Rs. 1500, recharges is Rs. 80 and the Bill payments is in the range of Rs. 450. Adoption of digital wallet among the various demography is also visible with 75% transactions on the wallet are urban transactions whole remaining 25% in the rural areas. Males are more active on the wallet in the age group from 25- 35 years.
These data and trend are based on transaction through Oxigen wallet over 200000 Oxigen Services retail touch points and over 25million user base.
Written by Mr. Sunil Kulkarni, Deputy Managing Director, Oxigen Services India Pvt. Ltd