Launches Airtel Payments Bank app and Online Card in collaboration with MasterCard
Bharti Airtel announced the commencement of national operations with services of Airtel Payments Bank.Arun Jaitley, Hon'ble Union Minster of Finance and Corporate Affairs formally launched Airtel Payments Bank's national operations on 12 January 2017.
Airtel Payments Bank, a fully digital and paperless bank, aims to take basic banking services to the doorstep of every Indian by leveraging Airtel's vast retail network. Over 250,000 neighbourhood Airtel retail stores across the country will also function as banking points, and customers will be able to open savings accounts, deposit and withdraw cash across any of these banking points.
Airtel Payments Bank will not charge any processing fee from its customers and merchants partners for digital transactions, thereby encouraging them to adopt cashless payments.
Airtel Payments Bank also rolled out its app for Android and iOS. The app can be accessed through MyAirtel app. Customers simply need to install MyAirtel app on their smartphone for a seamless access to Airtel Payments Bank services. In addition, customers would also get access to a MasterCard powered online card, which can be used to make payments across all online merchants accepting MasterCard.
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Airtel Payments Bank will develop a nationwide merchant ecosystem of over five million partners including small kirana stores, grocers, pharmacies, restaurants, etc. These merchant partners will accept digital payments from Airtel Payments Bank customers over mobile phones. Airtel Payments Bank has launched a Merchant App for digital onboarding of partners. Anyone looking to become a merchant partner can download this app from Google Playstore for free and start accepting digital payments instantaneously.
Airtel will leverage its vast base of over 260 million customers and educate them on the benefits of digital payments, with special emphasis on customers with basic/feature mobile phones to make them use their phones to make USSD based payments.
Airtel Payments Bank commits an initial investment of Rs 3000 crore to develop a pan India banking network and digital payments ecosystem
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