Bharti Airtel and Axis Bank Launch M-banking Platform
Bharti Airtel, through its wholly owned subsidiary airtel m-Commerce Services, and Axis Bank have partnered to extend banking and payment services to India’s unbanked millions through a mobile platform. This alliance will leverage the companies’ respective strengths in telecom and banking sectors to empower financially excluded citizens of India with banking products and services towards enhancing their livelihood and quality of life.
With the partnership announced today, no-frills savings account of Axis Bank will be opened for customers on the airtel money platform, called ‘airtel money Super Account powered by Axis Bank’, offering customers banking transactions including cash deposit, money transfer and withdrawal. To begin with, savings and remittance solutions will be provided in the top four remittance corridors involving Delhi and Mumbai on the sending side and Bihar and East Uttar Pradesh on the receiving side. Thereafter these services may be extended to other remittance corridors in the country. Gradually other banking products and services such as micro-recurring deposits, micro-fixed deposits, small loans and micro-insurance products will also be provided through this platform.
Sanjay Kapoor, chief executive officer (CEO), India and south Asia, Bharti Airtel, said: “Following the recent pan-India launch of airtel money, we are excited to collaborate with Axis Bank to further strengthen our m-commerce proposition for customers. According to estimates, nearly 43% of our country’s population does not have bank accounts and continues to rely on cash for majority of transactions as well as payments. The all new ‘airtel money Super Account powered by Axis Bank’ acts as a no-frills bank account that comes with remittance capabilities which empower customers to send money, withdraw cash from the nearby designated airtel money outlets, keep money safe and even enjoy interest on savings through their mobile device.”