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Airtel Payments Bank Starts Pilot Service in Karnataka

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Airtel has launched its Payment Bank services across 12,000 retail outlets in Karnataka, out of total outlets 70% of them are located in rural areas. The payments bank offers basic banking services to customers by leveraging Airtel’s retail network. It offers highest annual interest rate of 7.25 per cent and an insurance of INR 1 lakh per account.

“The mobile phone has emerged as a powerful device to drive financial inclusion and advance cashless transactions in the country. I wish that the unbanked make use of the occasion to adopt digital payments,” Siddharamaiah, CM of Karnataka, said in a statement.

Starting January 2017, Airtel Payments Bank will educate customers about making cashless payments and reward them for doing digital transactions. In a bid to encourage more transactions, Airtel Payments Bank will not charge any processing fee from its customers and merchants partners for digital transactions. The registration process for merchants will also be completely paperless and would allow them to start accepting payments instantaneously using either an app (smartphone) or USSD (feature phone). Read more


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Sweekar S

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