The company is eyeing over one million merchants on its platform over the coming months. It will also be significantly ramping up its offline merchant base.
Airtel Payments bank has enabled its platform with BHIM UPI interface at over 5 lakh merchant points, it announced in a statement. The customers can now make digital payments for goods and services by using any BHIM UPI enabled bank or payments app over their mobile phones, the company added. Airtel is eyeing over one million merchants on its platform over the coming months. It will also be significantly ramping up its offline merchant base. Airtel’s Payment bank was launched before Paytm, which now enjoys a considerable chunk of the market by 19%, Paytm announced recently.
Speaking on the launch, Anubrata Biswas, MD & CEO, Airtel Payments Bank said that the company is committed to the vision of a cashless economy. “We believe that there is already a significant shift to a mobile-first strategy with consumers using functionality rich and user-friendly apps for P2P (peer-to-peer) or P2M (peer-to-merchant) payments,” said Dilip Ashbe, MD & CEO, NPCI. He added that the company’s partnership with Airtel Payments Bank has enabled over half a million offline merchants to receive payments through UPI QR Code.
Using Airtel platform for making payments
Customers can use their mobile phones to make payments via any savings account linked with their BHIM UPI app. Also, Airtel Payments Bank users can use the facility to make the payment directly from their account or wallet by using the Airtel Thanks app, it said. After scanning the merchant QR code, customers can transfer the money. The process is the same across all BHIM UPI platforms.
Airtel Payments bank is used by an assortment of merchants who are both small merchants as well as large format retail outlets. They are present across all consumer categories such as food, lifestyle, electronics and more.
BHIM UPI interface technology is used by both public and private players such as Paytm, GPay, Mobiwkik, PhonePe and Whatsapp. Airtel had announced its partnership with UPI in 2017. The UPI interface had reached $1 billion in less than 8 months of its inception and has been one of successful government venture in FinTech, Amitabh Kant, NITI Aayog CEO had said earlier at an event.