Our goal is to bring banking to every door in India: Sunil Bharti Mittal

Bharti Airtel launched today Airtel Payments Bank, the largest payment bank in India. This development came after months of speculation in the media about the launch of the company’s payment banking service. Sunil Bharti Mittal Last April, the company received its banking license that it had requested in association with Kotak Mahindra Bank. The following month, Airtel M-Commerce Services was renamed Airtel Payments Bank. In explaining that the company is a payment banking business, Sunil Bharti Mittal says he is very encouraged by what he has seen in several African countries over the last decade. In Kenya, almost 90% of the money goes through mobile phones. From small symbolic transactions to large-scale transactions, billions of dollars are exchanged through mobile phones in the African nation. Airtel Money owns around 20% of the Kenyan market. Add that the cost of transferring these “payments, deposits, withdrawals and other transactions” represents a fraction of the cost borne by banks. In the words of Mittalare, the traditional bank is expensive. Even after decades of banking system in the country, there are around 100,000 bank branches in India. So, the goal is to fill this gap through technology. A child born today will never have to go to a bank branch because it is becoming increasingly digital. In my opinion, the time would not have been better. We carried out our pilot projects in four states, and this initiative gave a massive boost to the digital economy. Is our pilot in a small town in Telangana, and have we seen that the entire town has run out of cash? said Mittal. In the pilot reports, the company registers approximately 25,000 accounts per day. Now, its goal is to register 200,000 daily accounts. According to the bank, users will now be able to open a savings account using e-KYC based on Aadhaar. The customer’s phone number will be used as the bank account number. The services include the transfer of money to any bank account in India and the bank uses USSD and IVR in 12 languages ??for customers who do not use smartphones. Among the gifts included in the bank Airtel Payments, a minute of conversation for each rupee deposited at the time of opening a savings account. Airtel Payments Bank has committed an initial investment of Rp 3 billion to develop a pan-Indian banking network and a digital payment ecosystem and intends to take The Payments Bank has developed a network of 250,000 banking points (retail stores) Airtel) in all regions , particularly in unbanked rural areas. in the 29 states of the country. That’s more than the total number of ATMs in India. According to the official statement, the bank is working to build a strong digital payment ecosystem, with more than one million merchants already integrated. His goal is to bring that number to five million soon. . .

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