Bharti Airtel and Axis Bank partner for financial inclusion

The ‘airtel money Super Account powered by Axis Bank’

The partnership will focus on extending banking and payment services to India’s unbanked population via mobile (view press release). The partnership will leverage the two companies’ respective strengths in the telecom and banking sectors to provide banking products and services to the financially excluded.

Through the deal, Axis Bank will offer its ‘no-frills’ savings account for customers on the aitel money platform, dubbed ‘airtel money Super Account powered by Axis Bank.’ The account will offer customers banking functions including cash deposit, money transfer and withdrawal as well as savings account interest and the option to make remittances. Savings and remittance solutions will initially be offered in the top four remittance corridors, including Delhi and Mumbai for sending and Bilhar and East UP for receiving. The services will eventually be extended to other remittance corridors around India. Other banking products and services will also be rolled out over time including micro recurring deposits, micro fixed deposits, small loans and micro-insurance products.

According to estimates, nearly 43% of our country’s population does not have bank accounts and continues to rely on cash for majority of transactions as well as payments. The ‘airtel money Super Account powered by Axis Bank’ acts as a no-frills bank account that comes with remittance capabilities which empower customers to send money, withdraw cash from the nearby designated airtel money outlets, keep money safe and even enjoy interest on savings through their mobile device,” said Bharti Airtel CEO Sanjay Kapoor. 

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