Airtel Payments Bank partners with Axis Bank to digitize cash collection

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NEW DELHI: Airtel Payments Bank has partnered with Axis Bank, the third largest private sector bank in India, to digitize the cash collection system in Tier III cities and semi-urban areas of the country.

Airtel Payments Bank will leverage the extended reach of its digital convenience banking model to support Axis Bank in digitizing last mile collections and will also speed up the payment cycle while helping to free up the bandwidth of field agents operating across the country, the companies said in a joint statement Wednesday.

“We are delighted to partner with Axis Bank for the digitization of last mile cash collection. Our collection management services reduce the challenges of managing physical cash and also mitigate the risk of cash in transit in digitizing the entire chain. This brings huge operational efficiencies for our partner as well as its customers,” said Gaurav Seth, CFO and Head of Institutional Affairs, Airtel Payments Bank.

“This partnership with Airtel Payment Bank is another step towards embracing digitalization, bringing more convenient and faster solutions to our vast customer base in semi-rural parts of the country,” said Munish Sharda, Group Director and Manager – Bharat Banking, Axis Bank. said.

Axis Bank agents will no longer have to visit the branch to deposit the collected EMI amount as they can deposit the amount at any Airtel Payments Bank outlet in the neighborhood, and it will be immediately transferred to the Axis Bank accounts.

This process will mitigate the risk of agents transporting collected money traveling long distances and will also help to avoid any delays as Airtel Payments Bank outlets operate well 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. Now, customers will save time and travel by accessing the option to pay their EMI at the nearest Airtel Payments Bank outlet.

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