"Convenient digital payments over mobile are an integral part of India's growing digital ecosystem and we are delighted to partner ALTBalaji to offer customers the convenience of making quick and secure cashless payments through Airtel Payments Bank," Airtel Payments Bank MD and CEO Shashi Arora said.
In an interview with Mint, India Post Payments Bank Chief Ashok Singh said that simplicity is key for its operations.
Mobikwik is firming up plans to transform into a full-fledged financial services platform to offer users interest on money parked in its mobile wallet through tie-ups with instruments such as mutual funds. It also plans to dole out loans to its customers through bank-to-bank collaborations.
Airtel Payments Bank today said it has opened over one lakh savings accounts in Uttar Pradesh within the first two weeks of its launch in the state.
Freecharge CEO Govind Rajan also talks about strategic investments in Freecharge and how the wallet has grown post demonetisation by government
In an exclusive interaction with Moneycontrol, CEO and MD of Airtel Payments Bank Shashi Arora said that the company will soon be integrating UPI payments for its account holders but will not issue plastic cards.
"As more and more telecom companies enter the fray, I think we will hopefully see competition not only amongst telecom companies which we read a lot about these days but we will probably see competition between conventional and the new mode of banking that you are going to introduce," Jaitley said at the launch.
The company has committed an initial investment of Rs 3,000 crores to develop a pan India banking network and digital payments ecosystem.
Bharti Airtel will launch Airtel Payments Bank on Thursday in presence of Finance Minister Arun Jaitley and Bharti Group chief Sunil Bharti Mittal. Airtel Payments Bank rollout comes ahead of Vijay Shekhar Sharma‘s Paytm Payments Bank which is likely to be launched on January 15.
Airtel Payments Bank will charge 0.65 per cent fee on cash withdrawals but will not levy any processing charge on digital transactions from January 2017 to encourage cashless payments.
Having opened over one lakh savings accounts within a fortnight of launch of its pilot services in Rajasthan, Airtel Payments Bank is gearing up to extend the services to southern states starting this week.
"Any customer opening a savings account with Airtel Payments Bank, will get one minute of talk time on his/her Airtel mobile for every rupee deposited," the company said in a statement.
Majority of these accounts have been opened by customers in semi-urban and rural areas, underlining the potential for growth of banking services in such areas, Airtel Payments Bank said in a statement.
Telecom services company Bharti Airtel has pipped online marketplace Paytm to launch India‘s first payment bank â€” Airtel Payments Bank. The company has chosen Rajasthan as the launch pad for its banking services. The pilot is aimed at testing systems and processes ahead of a full-scale pan-India launch.
Arora joined Bharti Airtel in February 2006 and was appointed as the CEO of Bharti Telemedia Limited, a subsidiary of Bharti Airtel that provides DTH services in August 2011.
Paytm plans to commence its payments bank services by August this year and Airtel Payments Bank gets ready to kick off services in the second quarter of the current fiscal year. So what do payments banks entail?
"The new identity reflects our strong focus on the payments bank segment... With Airtel's deep distribution network, we believe that Airtel Payments Bank is uniquely placed to deliver quality banking services to customers by leveraging the power of mobile telephony," said Gopal Vittal, MD and CEO (India & South Asia), Bharti Airtel.