Airtel Money Introduction

Airtel Money, a digital wallet by Bharti Airtel, a key telecom player in India, is managed through Airtel Payments Bank, the first bank in India to secure an RBI payments bank license. Headquartered in New Delhi, it aims to improve financial inclusion for unbanked populations in smaller towns through mobile apps and e-wallets.

Overview of Airtel Payments Bank

Established with a capital of Rs 3,000 crore (approximately $441 million), Airtel Payments Bank recorded Rs 68.33 crore in deposits after its first fiscal year in 2017. A joint venture between Bharti Airtel Ltd and Kotak Mahindra Bank Limited, with Kotak holding 19.9%, the bank's key offering, Airtel Money, allows payments via 'My Airtel App' or USSD.

Partnership with Government Initiatives

In August 2018, Airtel Payments Bank collaborated with Bharti AXA Life Insurance to offer government schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana and commenced the Atal Pension Yojana in 2019.

Key Features of Airtel Money

• Internet-Free Transactions: Enables money transfers without internet using USSD technology by dialing *400# on Airtel Virtual Wallet.
• No Bank Account Required: Designed for users without bank accounts, debit/credit cards, or online payment access.
• Quick Payments: Facilitates speedy transactions using the recipient's Airtel Money number without internet.
• Exclusive Offers: Provides special deals from partners like Amazon, Flipkart, and Myntra with discounts on recharges and talk time.
• Security: Transactions require an mPIN, generating unique IDs for security, ensuring money safety even if the phone is lost.

Airtel Money Account Types

• Express Account: Allows a balance of Rs 20,000 with Rs 20,000 monthly transactions, given upon signup.
• Power Account: Offers Rs 1,00,000 max balance and Rs 50,000 daily limit after KYC approval within 21 days.

How to Add Money to Airtel Wallet

1. Log in via 'Airtel Payment' or 'Airtel App'.
2. Select 'Add Money', enter registered mobile number, mPIN, and amount.
3. Choose payment method: Debit/Credit card or Net Banking.
4. Enter the OTP sent to your registered number.
5. Receive transaction details upon completion.

Airtel Payments Bank UPI

Airtel Payments Bank UPI allows instant bank transfers using a Virtual Payment Address (VPA) and MPIN without account number exposure. Users can create and link a VPA via the My Airtel App, promising zero processing time and elevated convenience.

BHIM UPI Integration

Airtel Payments Bank integration with BHIM UPI enables digital payments at over 500,000 Indian merchants. It permits transactions through any payment app supported by BHIM UPI, reducing the need for multiple apps.

Benefits for Merchants

Airtel Payments Bank UPI grants merchants secure transactions, minimized cash handling, and efficient payment management. It supports diverse retail establishments with over a million using the platform, enhancing customer service.

Conclusion

Airtel Money and Airtel Payments Bank provide a full range of digital banking services, aimed at financial inclusivity and secure transactions across India. With features like internet-free transactions and BHIM UPI integration, Airtel Money remains a leading digital wallet, catering to diverse customer needs.