Banking

Airtel steps into payment banking system

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airtel-logoIn its maiden venture into the banking sector, Airtel Payment Bank Limited, a part of Bharti Airtel Limited, has announced launch of its pilot banking services programme in Rajasthan.

Airtel Payment Bank’s Rajasthan project is aimed at testing systems and processes before its full fledged all India launch.

Airtel has beaten Paytm in launching the first payments bank in India. The service will allow people in towns and villages across Rajasthan to open bank accounts at Airtel retail outlets, which will also act as the company’s banking points and offer a series of basic, convenient banking services.

Airtel Bank will begin the pilot with banking points at 10,000 Airtel retail outlets. The bank plans to expand its merchant network in Rajasthan to 100,000 by the end of the year, giving a big boost to digital payments ecosystem.

Anyone with an Aadhaar card can open a Savings Account with Airtel Bank, irrespective of being an Airtel or non-Airtel customer.

The account will be opened through a paperless process within minutes through Aadhaar based e-KYC authentication.

However, Airtel Bank does not offer ATM or debit card facility. Customers can check their account balance, access other services using Airtel Money app, USSD or IVR over their mobile phones.

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