Marking a milestone in India’s financial services sector, Shri Arun Jaitley, Union Minster of Finance and Corporate Affairs had formally launched national operations of Airtel Payments Bank. The occasion was also attended by Sunil Bharti Mittal, Chairman, Bharti Enterprises; Uday Kotak, Executive Vice Chairman & MD, Kotak Mahindra Bank; Gopal Vittal, MD & CEO (India & South Asia), Bharti Airtel; and Shashi Arora, MD & CEO, Airtel Payments Bank.
Speaking at the launch, Sunil Bharti Mittal said, “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. 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.”
The 250,000 Airtel retail stores across the country will double up as banking points as well, allowing customers to open savings accounts, deposit and withdraw cash across any of these banking points. To promote the adoption of cashless payments, the bank is completely digital and there will be no processing fees charged from customers and merchant partners for digital transactions.
Airtel Payments Bank is looking to create a merchant ecosystem of over five million partners – including small kirana stores, grocers, pharmacies, restaurants, etc. – that will accept digital payments from customers over mobile phones. An Airtel Payments Bank App and online Debit Card is also rolled out for Android and iOS that is available on the MyAirtel app. Customers can also access their MasterCard powered online card.
Mr. Mittal further added, “Airtel Payments Bank will invest towards building a vast digital payments ecosystem with millions of merchants, and allow customers to make convenient cashless payments for good and services with their mobile phones”
Airtel will be leveraging its base of over 260 million customers, educating them on digital payments – with a special emphasis on customers with basic/feature mobile phones.