India has acquired a 35 per cent stake in Oxigen Services India Pvt. Ltd, a company which provides technology solutions for mobile recharges, subscriptions and bill payments. The financial details of the deal are not available.
Speaking to agencyfaqs!, Pramod Saxena, chairman and managing director, Oxigen, says, "We will assist Microsoft in providing a platform for its online and mobile products, including Windows Live. We are particularly focusing on mobile payments."
"Microsoft has been active in building services and technologies to support the growth of mobile communications for many years, and we believe our alliance with Oxigen will be a win for the many consumers both companies serve," says Peter Mansour, general manager, business development and strategy, Microsoft, in a statement.
According to the statement, Oxigen will "collaborate on a preferred partnership basis with Microsoft to drive services and products in developing economies and explore new business opportunities, within and outside the country".
Oxigen provides its services to all telecom operators and companies such as Tata Sky, WorldSpace and Air Deccan. It plans to launch payment services in insurance, ticketing, cinema, gaming applications and video content. The company is close to launching a virtual wallet called Oxicash. Oxigen aims to be a "neutral payment solution", which can be accessed on all web and mobile platforms.
Oxigen has a retail network of about 50,000 touch points in India and plans to expand this to 2,50,000 by 2010.