Airtel Payments Bank today announced its partnership with Axis Bank to digitize the cash collection system in India’s Tier III cities and semi-urban areas. Airtel Payments Bank will leverage the reach of its digital convenience banking model to support Axis Bank in digitizing last-mile collections, the company said.
Through this partnership, Axis Bank and its customers will benefit from the improved operational efficiency of the cash management process. Additionally, it will increase the speed of the payment cycle and help free up the bandwidth of field agents who operate across the country. These agents will no longer have to go to a branch to deposit the EMI amount collected.
These agents can now easily deposit the amount at any Airtel Payments Bank outlet in the neighborhood, and it will be immediately transferred to Axis Bank accounts. This process will further mitigate the risk of agents transporting cash receipts on long distance trips. Additionally, this process will avoid any delays as Airtel Payments Bank outlets operate beyond traditional banking hours and also on weekends.
Soon, Axis Bank customers will be able to make EMI direct deposits for loan repayments at Airtel Payments Bank’s 5,00,000 banking outlets. This will allow customers to save time and travel by accessing the option to pay their EMI at the nearest Airtel Payments Bank outlet.
In recent news, Airtel launched its Fibre-To-The-Home (FTTH) broadband service earlier this month in Ladakh and the Andaman and Nicobar Islands. Airtel has become the first private ISP to deploy FTTH broadband in these remote geographies and deliver digital access to customers by “connecting them to the data highway”. The cheapest Airtel Xtsream fiber plan starts at Rs 499 per month and offers speed up to 40 Mbps with unlimited data.