Air­tel PAy­ments BAnk

Gadgets and Gizmos (India) - - IN OTHER NEWS -

The coun­try’s lead­ing mo­bile phone op­er­a­tor, Bharti Air­tel, has launched Air­tel Pay­ments Bank in all the 29 states of In­dia. It prom­ises to be a pa­per­less and sim­ple-to-use bank, with the user's reg­is­tered Air­tel mo­bile num­ber dou­bling up as the ac­count num­ber. To reg­is­ter for Air­tel Pay­ments Bank, one has to sub­mit one's Aad­haar card num­ber and the bio­met­ric (fin­ger­print) scan for authen­ti­ca­tion. Air­tel has over a 250,000 bank­ing points (Air­tel re­tail stores) where one can de­posit and with­draw money. While there is an app in place, Air­tel is not restrict­ing it to smart­phones. Fea­ture phone users can also ac­cess Pay­ments Bank ser­vice through USSD and IVR in 12 lan­guages. They can check the last few trans­ac­tions, trans­fer funds and much more. Air­tel also plans to en­able a vir­tual debit card for its Pay­ments Bank.

Air­tel Pay­ments Bank will not charge any pro­cess­ing fee from its cus­tomers and mer­chant part­ners for dig­i­tal trans­ac­tions. It will of­fer cus­tomers an in­ter­est rate of 7.25 per cent per an­num on de­posits in sav­ings ac­counts. Air­tel also plans to of­fer one minute of Air­tel mo­bile talk time for ev­ery ru­pee de­posited at the time of open­ing a sav­ings ac­count. One will also re­ceive free per­sonal ac­ci­den­tal in­sur­ance of Rs 1 lakh with ev­ery sav­ings ac­count opened.

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