India’s third largest private sector lender Axis Bank has
partnered a fully owned subsidiary of telecom operator Airtel,
Bharti Airtel, to launch an Airtel Money Super Account, targeted at
increasing financial inclusion in India.
The mobile platform will be powered by Airtel
mCommerce Services and the banking products will be proved by Axis
Bank. Technology vendor Infosys is the IT innovation partner for
the initiative.
Go deeper with GlobalData
Airtel Money Super Account powered allows
customers of Airtel Money to open a No Frills Savings Account – a
simple Savings Account without the requirement of any fixed minimum
balance – through which they will be able to carry out a variety of
banking transactions.
Airtel Money, launched in February 2012, is an
account on a mobile phone through which cash can be deposited and
the balance can later be used to pay for various products and
services such as balance recharges, Digital TV bills, movie
tickets, e-shopping, and more.
Through the Airtel Money Super Account,
customers will be enabled to make cash deposits, receive
remittances, transfer and withdraw money from authorised Airtel
Money-Axis Bank outlets.
According to CEO of Bharti Airtel for India
and South Asia, Sanjay Kapoor, approximately43% of India’s
population does not have bank accounts and “continues to rely on
cash for majority of transactions as well as payments”.
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By GlobalDataThe Airtel Money Super Account service will be
first activated in India’s primary remittance corridors such as
Delhi, Mumbai, Bihar and East Uttar Pradesh.
