Airtel takes a bite of the govt's big demonetization pie, becomes first payment bank to go live
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Government's decision to demonetize Rs. 500 and Rs. 1000 currency has resulted in a country wide frenzy but it has also paved way for the payment banks in the country and making the most of the govt's move is country's top telecom operator, Airtel. The company had earlier said that it would be launching its
With this,
Airtel says a wide network of merchants (sellers/shops) across Rajasthan will accept digital payments from Airtel Bank from day one, offering customers cashless purchase of goods and services via their mobile phones. Airtel Bank plans to expand its merchant network in Rajasthan to 100,000 by the end of the year, giving a big boost to digital payments ecosystem.
Airtel says the Airtel Bank is a fully digital and paperless, will offer bank account opening services with
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Customer’s Airtel mobile number will be his/her bank account number
Interest rate of 7.25 % p.a. on deposits in savings accounts
Money transfer to any bank account in India (Free money transfer from Airtel to Airtel numbers within Airtel Bank)
Personal Accidental Insurance of Rs. 1 Lac with every Savings Account
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Anyone (non-Airtel customers also) with an Aadhaar card can open a Savings Account with Airtel Bank.Airtel Bank does not offer ATM/Debit Card facility, at present. Customers can deposit withdraw cash
Customers can access money transfer services using the the
Former PayU executive Abhishek Tripathi joined Airtel Payments Bank in October this year to lead its small and medium business division.
Airtel received payments bank license from the Reserve Bank of India (RBI) in April 2016. The telecom operator is planning to expand its payment banking operations across its extensive network of over 1.5 million retail outlets, with deep penetration in rural areas.
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