In order to push the Indian digital payments system, one of the largest telecom service providers, Airtel and Hindustan Petroleum Corporation has joined hands. Yes, Airtel Payment Bank and HPCL have recently announced their strategic partnership to improve the digital payment systems for the customer’s convenience.
HPCL will make all its 14,000 fuel stations as banking points for Airtel Payments Bank. All Airtel Payments Bank customers would be able to access a range of convenient banking services at these 14,000 fuel stations. The services will include opening new accounts, make cash deposits, transfer, and withdrawals facility.
With this, the reach of Airtel Payments Bank will improve and more people will be able to access the service in an easy and convenient manner. The cashless payments can be done via mobile phones through (My Airtel App).
Customers are not charged for any transaction fee for any of the digital payments. The partnership is expected to grow nationwide that has more than 3 million merchant partners/outlets across India.
Here are the details related to the Airtel Payments Bank services.
- Digital Banking: Quick and paperless account opening using Aadhaar based e-KYC. This requires no documents at all, only the customer’s Aadhaar number is needed.
- The customer’s mobile number will be his/her bank account number.
- Interest rate of 7.25 % p.a. on deposits in savings accounts, the highest in India.
- Money transfer to any bank account in India (Free money transfer from Airtel-to-Airtel numbers within Airtel Payments Bank).
- Free Personal Accidental Insurance of Rs. 1 Lac with every Savings Account.
- Easy deposit and withdrawal facility across a wide network of Airtel retail outlets.
- USSD and IVR in 12 languages for non-smartphone customers.
- An online debit card in partnership with MasterCard.
- A nationwide digital payments ecosystem with over one million merchants
Let’s see how the strategic partnership helps Airtel in improving the reach to its customers.