Contributing to the government’s vision of digital India, Airtel – with a wide network of 2.5 lakh banking points (Airtel retail stores) across 29 states – has started its Payments Bank nation-wide. To make your banking services easy, Airtel has launched its app and online digital cards in collaboration with Master Card.
The pilot phase, started almost a month before, has already added one million customers.
Aiming to cross over five million merchants – creating a smooth running platform to provide cashless payment services for its customer’s, Payments Banks – it is providing various additional attractive features like the free personal accidental cover of worth Rs.1 lakh.
“Bharti has always undertaken transformational initiatives that have the potential to make a positive impact on the society and contribute to the development of India. Airtel has been at the forefront of India’s digital transformation and has empowered over 260 million customers with affordable telecom services,” says Sunil Bharti Mittal, Chairman, Bharti Enterprises.
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Airtel wants to increase the reach of financial services in rural areas. Nearly 68% of the population lives in rural areas. Keeping in mind the low-income community, labour workforce, small businesses which need to be further enhanced, there was a need to start this kind of banking services.
“Just like mobile telephony leapfrogged traditional telecom networks to take affordable telecom services deep into the country, 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,” says Mittal.
To make more people use the payment banks, Airtel is offering higher interest rates of 7.25% compared with banks which are offering only 4% on deposits. “With Airtel Payments Bank, we are starting another important chapter in our journey, with the potential to truly transform lives and contribute to financial inclusion in the country,” says Mittal.
Important features of Airtel Payments Bank:
· Digital banking will be linked through your Aadhaar card, no documentation required.
· Mobile number will act as an account number for customers.
· Deposits in savings accounts will get an interest of 7.25% p.a
· One minute of Airtel mobile talk time for every rupee deposited at the time of opening a savings account.
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· Money can be transferred to any bank account in India (Free transfer services for Airtel-to-Airtel numbers within Airtel Payments Bank).
· Free personal accidental insurance cover of Rs. 1 lakh.
· Easy deposit and withdrawal facility
· Featured with USSD code for basic phone customers.