Airtel Payments Bank has partnered with Axis Bank to digitize the cash collection system in Tier III cities and semi-urban areas.
Under the partnership, Airtel Payments Bank will leverage the extended reach of its digital convenience banking model to support Axis Bank in digitizing last mile cash collections.
Through this combination, Axis Bank and its customers will benefit significantly by enhancing the operational efficiency of the cash management process. It would also speed up 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. Instead, they can deposit the amount at any Airtel Payments Bank outlet in the neighborhood to transfer it to Axis Bank accounts.
This process will 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 well beyond traditional banking hours and also on weekends.
Axis Bank customers will soon be able to make EMI direct deposits for loan repayments at Airtel Payments Bank’s 5 lakh banking outlets, saving time and travel.
Gaurav Seth, CFO and Head of Institutional Affairs, Airtel Payments Bank, said, “We are delighted to partner with Axis Bank on the digitization of last mile cash collection. Our collection management services reduce the challenges of managing physical cash and mitigate the risk of cash in transit by digitizing the entire chain. This brings huge operational efficiencies for our partner as well as its customers. »
Munish Sharda, Group Executive and Head – Bharat Banking, Axis Bank said, “At Axis Bank, we have consistently worked with industry leading organizations to deliver the best value proposition to our customers. This partnership with Airtel Payment Bank is another step towards embracing digitalization, bringing greater convenience and faster solutions to our vast customer base in semi-rural parts of the country.”
June 29, 2022