Airtel and Axis Bank announced a partnership for extending banking and payment services to India’s unbanked millions through the ubiquitous mobile platform.
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.
Bharti Airtel and Axis Bank has partnered to launch banking and payment services on Airtel’s mobile platform. This service is called airtel money Super Account powered by Axis Bank that would let customers open savings account in Axis Bank that offers banking transactions including cash deposit, money transfer and withdrawal. The customers would also get savings account interest and also enabling them to make remittances. This service is aimed at remittance corridors and unbanked areas, where there is greater need of easy money transfers and savings.
These accounts will provide convenient, safe and secure savings avenue to Financial Inclusion customers’ paying them savings account interest and also enabling them to make remittances.
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 UP on the receiving side. Thereafter these services may be extended to other remittance corridors in the country.
Gradually other banking products and services like micro Recurring Deposits, micro Fixed Deposits, small loans and micro-insurance products will also be provided through this platform.
Mobile customers can visit nearest authorised ‘airtel money – Axis Bank outlets’ and open ‘airtel money Super Account powered by Axis Bank’ on their mobile phones by submitting the prescribed application form and KYC documents.
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