Business

The Payments Bank and a world of benefits

The Airtel Payments Bank is a revolutionary entity in the field of online savings and payments.

It is safe to say that the country is taking to Digital India in a big way. The proliferation of Internet-based smart phones and the increasing depth of mobile telecom services has served the purpose of making daily cash management much easier than before.

Today, a lot of people settle their monthly utility bills, go shopping, watch movies, split restaurant bills and effect money transfers using mobile wallets and money transfer apps. Apart from these apps, leading mobile service providers like Airtel have devised radical new ways for customers to manage their various phone, DTH and broadband accounts. Airtel’s Payments Bank is a testament to the advances in Internet fin-tech combined with intuitive customer care. Customers just need to call the Airtel customer care on 121 or email the company on 121@airtel.com to get immediate assistance.

So rather than spending cash or swiping your cards for every purchase, you can transact safely using the myAirtel app – whether it is bill payment or transferring money.

Why get myAirtel app? Because you get access to the Airtel Payments Bank

The myAirtel app is a single interface for bill payments, prepaid and DTH recharges, shopping, etc. It also offers access to the Airtel Payments Bank – it can be used as one of the options for payment, apart from cards and net banking.

* However, the Payments Bank has far greater depth of utility than you initially surmise. It goes beyond serving merely as an online transaction platform, and functions as a savings bank account as well. No other mobile payment app in India offers this functionality yet.

* It combines the features of a savings bank account with online payments technology. Your 10-digit Airtel number serves as the bank account number. You can open the account after allowing a biometric scan of your finger – this also confirms your Aadhaar credentials. The account is right away after the biometric scan.

* Airtel offers 4% interest rate on the residual funds in the account – this is on par with leading banks in India.

* The Payments Bank makes it really simple to deal with your finances responsibly. It offers easy cash withdrawal and money transfer modalities. Besides, the Bank has tie-ups with several other banking points so that you can have easy access to your money whenever you need it.

* You can use the money in it to transfer cash to your phone contacts in a jiffy. There is no need to add beneficiary details while transferring money – just the phone number will do. This feature also helps you shop for groceries, pay cab and bus tickets, and transact easily without carrying a wallet or your cards.

* The Payments Bank offers several incentives for use. For instance, you can get handsome cashback and discount offers on practically every transaction. Besides, it offers savings on bill payments and recharges.

* It offers a free personal accident insurance coverage of Rs 1 lakh to each user.