As per the terms of the agreement, no-frills savings account of Axis Bank will be opened for customers on the airtel money platform ‘airtel money Super Account, powered by Axis Bank’ offering customers banking transactions such as cash deposit, money transfer and withdrawal.
Bharti Airtel India & South Asia CEO Sanjay Kapoor said that according to estimates, nearly 43% of the country’s population does not have bank accounts and continues to rely on cash for majority of transactions as well as payments.
"The all new ‘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," Kapoor added.
Accounts holders will be able to get convenient, safe and secure savings with the bank, and the bank will also pay savings account interest and enable them to make remittances, said the bank.
In the initial stage, both firms have agreed to provide savings and remittance solution in the top four remittance corridors involving Delhi and Mumbai on the sending side and Bihar and East UP on the receiving side.
After that, these services will be extended to other remittance corridors in the country, said Airtel.
Other banking products and services such as micro recurring deposits, micro fixed deposits, small loans and micro-insurance products will also be introduced over the course of time on to their platform.
Infosys is the technology innovation partner for the launch of ‘airtel money Super Account powered by Axis Bank’.
