Airtel Payments Bank on Thursday launched its nationwide operations in all 29 States of India with an initial investment of Rs 3,000 crore. Airtel Payments Bank, a fully digital and paperless bank and India’s first payments bank aims to take basic banking services to the doorstep of every Indian by leveraging Airtel’s vast retail network.
Payments banks are a new model of banks conceptualised by the Reserve Bank of India (RBI) that can accept a restricted deposit which is currently limited to INR 1 lakh per customer.
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.
Airtel said it 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.
