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Perspectives from India

"India today is one of the fastest growing economies in the world…"

Pramod Saxena, Founder & Managing Director, Oxigen

Mar 02, 2014 12:00 AM

Pramod Saxena, Founder & Managing Director, Oxigen

Our business is based on the vision to provide payment and banking services to the masses of India, leveraging the mobile connectivity has created multifold opportunities for growth. The idea of starting Oxigen originated from the new prepaid environment of telecom and large number of telecom users. Our aim was to bring a large bouquet of essential services on a single platform. The idea of aggregation was to enable the retailer to cut down his investments and simplify his life to do more business without hassle. We have created customised solutions, high use of Indianized version of POS devices at a much lower cost than available from internal suppliers. We were also the first company in India to create a mobile wallet called “OxiCash.” The combination of POS and Mobile Wallets is poised to create resolution to support financial inclusion by facilitating remittances and Government benefit transfer directly into the hands of the common man at a retail shop next door.

Our company has been ahead of time in bringing out innovative solution like mobile wallet, connectivity with the National payments Corporation of India and the UID, making us the first “Non Bank” to offer banking and money transfer services, people to people and in and out of any bank account.

Our business, has found these many opportunities due to very pragmatic and progressive policies of RBI to create a strong push in scaling Government’s dream of financial inclusion. Our unique business model utilizes the state of art mobile technology and IT system and helps a small shop owner in town and villages to serve the basic financial needs of the masses.

Where does Brand India stands compared to its counterparts and what are your views on the importance of Brand India in the world today.

When did we start giving a serious thought to look India as a global brand? Is it when we won the cricket world cup? Or with Sabeer Bhatia selling out to Microsoft? Or with Sushmita Sen becoming Miss Universe? Whenever it did, it has gained momentum only in the last few years. India has graduated from one phone in a town to four mobiles in the household. Through the 80,s & 90,s Indian groups like Tatas, Birlas, Ambanis ,Ruias, Mittals, set up successful global operations in Africa, South East Asia & the Middle East, building brands in number of locations. Building a brand is not an overnight affaire; it takes decades of investments in the globalize environment.

India is finally, on a firm footing, willing to play the global ball game, and the basic building blocks are in place for the eventual creation of global brands from India. India today is one of the fastest growing economies in the world with a liberalized trade policy, the third largest stock exchange, a $14 billion IT industry that is growing at 50% per annum, a strong pool of scientific and technical manpower. The Stock Market is going strong despite recent slowdown in economy , a great monsoon has heralded greater growth, mushrooming malls, improving telecom connectivity, booming software, wellness, and movie industries, radical economic and strategic pacts with the United States, the European Union and South East Asia - all point out one thing: India has finally found its own place on the world map.

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