BackAirtel Payments Bank partners Axis Bank to digitise cash collection
The partnership with Airtel Payment Bank is yet another step towards embracing digitisation, offering greater convenience and faster solutions to the vast customer base in semi-rural regions of the country
PremiumNEW DELHI: Airtel Payments Bank has partnered Axis Bank, India’s third largest private sector bank, to digitise the cash collection system in the country’s tier III cities and semi-urban regions.
Airtel Payments Bank will leverage the extensive reach of its digital-led neighbourhood banking model to support Axis Bank with the digitisation of last-mile cash collections and would also speed up the payment cycle while aiding in releasing the bandwidth of field agents who operate across the country, the companies said in a joint statement on Wednesday.
“We are delighted to join hands with Axis Bank for digitization of last-mile cash collection. Our collection management services reduces the challenges of managing physical cash and also mitigates the risk of cash in transit by digitizing the entire chain. This brings in huge operational efficiencies for our partner as well as their customers," said Gaurav Seth, chief finance officer and head institutional business, Airtel Payments Bank.
“This partnership with Airtel Payment Bank is yet another step towards embracing digitisation, offering greater convenience and faster solutions to our vast customer base in the semi-rural regions of the country," Munish Sharda, group executive and head – Bharat banking, Axis Bank said.
Axis Bank’s agents will no longer have to travel back to the branch to deposit the collected EMI amount as they can deposit the amount at any Airtel Payments Bank outlet in the neighbourhood, and it will be immediately transferred to the Axis Bank accounts.
This process will mitigate the risk of agents carrying the cash collected cover long distances and will also help avoid any delay, as Airtel Payments Bank outlets operate much beyond traditional banking hours and over the weekends as well.
Soon, Axis Bank customers will be able to make direct EMI deposits for loan payments at the 5,00,000 banking points of Airtel Payments Bank. Now, customers will save on time and travel by accessing the option to pay their EMI at the nearest Airtel Payments Bank outlet.
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