Introduction to Airtel Money

Airtel Money is a digital wallet service introduced by Bharti Airtel, a major telecom company in India. Airtel Payments Bank, a subsidiary of Bharti Airtel, operates Airtel Money. Headquartered in New Delhi, Airtel Payments Bank was the first company in India to receive a payments bank license from the Reserve Bank of India (RBI). It became the first operational payments bank in the country. Launched with the goal of reaching unbanked individuals in small towns and villages, Airtel Money aims to bridge the gap in financial inclusion along with other mobile apps and e-wallets.

Airtel Payments Bank: An Overview

Airtel Payments Bank was initiated with a capital of Rs 3,000 crore ($441 million). At the end of its first fiscal year in 2017, the bank reported a record deposit of Rs 68.33 crore. The RBI issued the bank's license on April 11, 2016, under Section 22 (1) of the Banking Regulation Act of 1949. Airtel Payments Bank is a joint venture between Bharti Airtel Ltd and Kotak Mahindra Bank Limited, with Kotak holding a 19.9% stake. Airtel Money, a flagship product of Airtel Payments Bank, is a digital wallet that allows users to make payments via the “My Airtel App” or USSD.

Government Initiatives and Insurance Plans

Starting in August 2018, Airtel Payments Bank partnered with Bharti AXA Life Insurance to offer government insurance plans like Pradhan Mantri Jeevan Jyoti Bima Yojana. In 2019, the bank also began offering the Atal Pension Yojana, another initiative by the Government of India.

Features and Benefits of Airtel Money

Internet-Free Transactions

Airtel Money operates on USSD technology, allowing transactions without an internet connection. Users can load money onto their Airtel Virtual Wallet and use it for various services by dialing *400#.

No Bank Account Required

Users do not need a bank account to use Airtel Money. This service is ideal for individuals without access to traditional banking, debit or credit cards, or online payment methods.

Quick and Easy Payments

Airtel Money simplifies the payment process. Users need only the Airtel Money number of the recipient to make quick payments, even without an internet connection.

Exclusive Deals and Offers

Airtel Money users benefit from deals and offers from partners like Amazon, Flipkart, Myntra, and Snapdeal. The app provides attractive discounts on recharges, talk time, and cashback offers.

Safety and Security

Transactions via Airtel Money are secure, requiring a password (mPIN) for authorization. Each transaction generates a specific ID for added security, ensuring that even if the phone is lost, the funds remain safe.

Account Types in Airtel Money

Express Account

This account offers a maximum balance of Rs 20,000 and allows transactions up to Rs 20,000 monthly. Customers are assigned this account upon signing up for Airtel Money.

Power Account

This account provides a maximum balance of Rs 1,00,000 with a daily transaction limit of Rs 50,000. Users must submit KYC documents to maintain this account, which gets approved within 21 days.

Adding Money to Airtel Wallet

Log In: Visit the 'Airtel Payment' page or open the 'Airtel App'.

Add Money: Click on 'Add Money', log in using your registered mobile number and mPIN, and enter the amount you want to add.

Payment Options: Select from Debit Card, Credit Card, or Net Banking, enter the required details, and confirm.

OTP Verification: Enter the OTP sent to your registered mobile number.

Confirmation: Once the process is complete, you will receive transaction details on your registered mobile number.

Airtel Payments Bank UPI

Mobile wallets have gained popularity due to their ease of use, especially post-demonetization. Airtel Payments Bank UPI (Unified Payments Interface) facilitates instant fund transfers between bank accounts using a Virtual Payment Address (VPA) and MPIN without disclosing account information. Customers can create a VPA through the My Airtel App and link their bank accounts. UPI is poised to revolutionize mobile banking in India, offering zero processing time and enhanced convenience.

BHIM UPI Integration

Airtel Payments Bank has integrated with BHIM UPI, allowing seamless digital payments at over 500,000 merchant points across India. Customers can use any bank or payment app supported by BHIM UPI for transactions, eliminating the need to manage multiple payment apps. This integration simplifies digital payments for online and offline merchants, enabling them to accept payments directly into their bank accounts.

Advantages for Merchants

Airtel Payments Bank UPI offers significant benefits for merchants, including secure transactions, reduced cash management, and the ability to manage payments through a single QR code. This service is valuable for a variety of retail outlets, including lifestyle, electronics, food, and grocery stores. With over 1 million offline merchants currently using the platform, Airtel Payments Bank aims to expand its merchant base further, enhancing the customer experience in the market.

Conclusion

Airtel Money and Airtel Payments Bank offer a comprehensive suite of digital banking services designed to enhance financial inclusion and provide convenient, secure transactions for users across India. With innovative features like internet-free transactions, exclusive deals, and BHIM UPI integration, Airtel Money stands out as a leading digital wallet service, catering to the diverse needs of its customers.

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