Oxigen Services Pvt. Ltd. has signed a service agreement with Luup International Ltd. to launch mobile-payment services in India, Luup International announced Oct. 29.
Oxigen says it will use Norway-based Luup’s mobile-money technology platform and services to run all of its bank-orientated mobile financial services, which include mobile banking, international and domestic remittances, and mobile phone airtime top-ups.
Indian consumers may make payments toward these services using prepaid cards online. Some 75,000 retail locations across India sell the company’s cards.
Luup also will add all Oxigen services to its own portfolio of mobile-banking and remittance services. It first will enable Indians living in other countries, starting with the United Arab Emirates, to remotely top up the mobile phones of their families in India. It later will offer remittance services to Indians in the United Arab Emirates and other countries.
With Luup's funds-transfer service, senders of funds enter the transfer amount and the receiver’s mobile-phone number into the mobile phone. The receiver then gets a text message confirming the transaction and that the money has been transferred to his linked bank account.
Both the sender and funds receiver must be registered to use the service. Fees have not been disclosed.
India receives more than US$50 billion annually in remittances from Indians living outside of India, half of which comes from the Middle East, according to Indian government data.
Luup already provides similar services in the Middle East for migrants from Egypt (
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