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Andrew Bonwick
Vice President of Product Development at Relm Insurance
Madhav Sheth
CEO of Ai+ Smartphone
Stephen Rose
CEO Render Networks
Bharti Airtel, a leading telecom operator, is trying to help out small businesses in India streamline their online money transactions. Due to the growth of digital payment systems in India, many users now prefer paying via UPI apps or through credit cards. While the big businesses have adapted to the changes pretty fast, it is the small businesses which still rely on legacy systems to collect payments. The growth of the Indian economy relies a lot on small and medium-sized businesses (SMBs). Recognising the problems that SMBs are facing with respect to online money transactions, Airtel has taken it upon itself to bring solutions for SMBs. One of the successful business arms of Bharti Airtel is its online banking subsidiary called Airtel Payments Bank.
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Airtel Announces BizKhata for Small Businesses
Airtel Payments Bank on Monday announced that it would bring ‘BizKhata‘ for small businesses and merchant partners across the country. If you understand Hindi from the name itself, you can understand that it is a bank account that is meant for businesses. This is a special account that Airtel has introduced for small businesses and its merchant partners who still don’t have a current account in a bank for business transactions.
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Keeping a current account can be an expensive affair for small businesses as it requires a minimum balance to be always maintained. Understanding the key issues that small businesses face, Airtel has modelled the BizKhata in such a manner that it solves every problem related to online money transactions and deposits for small businesses.
Airtel BizKhata, What Makes it Suitable for Small Businesses?
Airtel BizKhata is a special bank account for small businesses that allows them to do unlimited credit and debit transactions. This means that there are no transaction caps which is really necessary for a business that’s dealing a lot with online money transactions. Since time is money and businesses literally exist to make money, Airtel Payments Bank has ensured that no small business has to waste a lot of time opening a bank account. Airtel said that customers could start using the account for transactions within five minutes of opening it. Now, this is something that would definitely entice businesses.
