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.
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.
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One key problem that BizKhata solves for customers is that it doesn't require them to maintain any sort of minimum balance. This is a very important thing for customers who often fall into situations where they have zero balance in the account. What's good about this bank account for small businesses is that it allows you to send money to other accounts in the same manner as you would do with a traditional account. This means to transact money digitally; you can leverage UPI, NEFT, IMPS, and IFT. Airtel said that the BizKhata account also comes linked to a QR code to receive payments from any UPI app.
One thing that BizKhata account owners should know is that at the end of the day, any balance in the business account that is above Rs 2,00,000 would be auto-swept into a current account with the partner bank. But users will be able to get access to that money with just a single click. Business owners can also download the transaction history with a single click and reconcile transactions.
This move from Airtel would definitely give a boost to online banking in India as more and more small businesses are engaging in digital payments and transitions.