Airtel Payments Bank is here. Here’s what it will offer

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Airtel Payments Bank is finally here and its national operations has begun. Finance Minister Arun Jaitley formally launched the Airtel Payments Bank, days after Paytm also got formal approval for Paytm Payments Bank from the Reserve Bank of India (RBI).

Airtel Payments Bank has been launched with an initial investment of Rs 3000 crore and will be available across India and enhance digital payments ecosystem. Airtel plans to have a network of 250,000 banking points in all 29 states from the starting day. Airtel is expecting to build an ecosystem with over five million merchants and more than one million merchants already onboard, which were added during the pilot phase.

“Airtel Payments Bank aims to take digital banking services to the unbanked over their mobile phones in a quick and efficient manner. Millions of Indians in rural areas will get their first formal banking experience with Airtel Payments Bank,” said Airtel’s Sunil Bharti Mittal.

The Airtel Payments Bank app and online card has been launched in collaboration with MasterCard for convenient banking and cashless payments.

Airtel Payments Bank app is available on Android and iOS and can be accessed through MyAirtel app. Customers simply need to install MyAirtel app on their smartphone for a seamless access to Airtel Payments Bank services. There won’t be any transaction charges for digital payments. Airtel Payments Bank will give an interest rate of 7.25 % p.a. on deposits in savings accounts.

Airtel Payments Bank has launched a Merchant App for digital onboarding of partners. Anyone looking to become a merchant partner can download this app from Google Playstore for free and start accepting digital payments instantaneously.
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