Sep 112014

By Mohammed Waseem

I wrote about instant money transfer offered by Bank of India in the last post. This service requires the senders to be customers of BOI while the recipient can be just anyone. The unbanked are still away from instant money transfer, considering that the withdrawal should be done from a BOI ATM only.

Like Kenya innovated to create a product like M-Pesa, India is working on a product called OxiCash. Over 60% of the unbanked population will now be able to instantly send and receive money across India through this service. OxiCash was launched earlier this year by Oxigen Services. The service works via a mobile wallet, comparable with M-Pesa.

OxiCashIn addition, senders are able to send money from a bank account to the wallet. All transfers are instant and on real time basis. The project is a partnership between NPCI (National Payments Corporation of India) and Oxigen. The real time transfer is done using IMPS (Immediate Payment Service).

55 banks have joined in to support transfers from bank account to OxiCash wallets. It is available for use online at and on mobile using a mobile application on Android smartphones. In addition, the service can be accessed with SMS as well, to support non-smartphone users.

The service is available all over India and can be created over simple SMS. The wallet can be initially funded at over 100000 touch points or through IMPS.

Oxigen also has wallets to use for reloading mobile phones, DTH and other services, apart from money transfer. Money transfer from the wallet can be done in three ways, which are wallet to wallet, wallet to bank account using MMID (Mobile Money Identifier) and wallet to bank account using the account number.

The ability to transfer to any bank account is amazing. It uses the IFSC (Indian Financial System Code) to make this possible.

Jan 112014

By Mohammed Waseem

There have been numerous money transfer services in the world, but all of them with usual practice of sending money through an agent and then the recipient going to an agent to collect the money. Now they have also added the online route. A UK-based money transfer service called Remitix has a mobile app for money transfer and also cards.

Remitix, also known as was launched in the UK for Zimbabweans to send money back home. With time, the service expanded to other African countries, Europe, Asia Pacific the Americas. They operate in over 60 countries today.

MukuruAll the sender has to do is create an account with using online banking and telephone banking, add funds to the account and start sending money. Other than cash payouts through the payout partners, they offer additional payout options in few African countries. In Kenya, they have tied up with mobile money platforms to transfer money directly to mobile wallets. In Zimbabwe, they allow transfers to a prepaid card known as Mukuru Textacash. In South Africa, orders can be completed from a mobile phone by sending a service message on *120*7363# and following the instructions. And they are working on more services of such nature.

Remitix launched a mobile app last year and now, users can send money from mobile phones and even chat with their friends on this app, suggestively like WhatsApp or WeChat, with live support from Mukuru customer care. This app is available for smartphones as well as other feature phones.

Due to liquidity crunch, Remitix has temporarily stopped services to Malawi, and in Zambia and Zimbabwe, Remitix is not allowed to receive cash collections anymore. Claims are expected to be settled via online banking or by credit/debit cards. In Zimbabwe, the recipient is directed to the nearest CABS Bank branch for collection, where, they are given a free Textacash card and a personal bank account at CABS Bank. The money received is loaded on to the Textacash card which can be used at all major retail locations or withdraw cash from ATMs.

Mukuru uses the expert technologies from EasyFX of London. This ensures best exchange rate for the transfers, as EasyFX does up-to-date monitoring of currency markets, in order to get the best rate for striking deals at the right time.

Remitix is working on further innovations in their service, to ease transfers from Diaspora to their homes.