Airtel Payments Bank, which is known as India’s first Payments Bank service has announced a milestone today. Airtel Payments Bank-Mastercard powered online debit and prepaid cards have hit the two million user milestone in India within just five months of launch. This online debit and prepaid card enable Airtel Payments Bank customers to make secure and convenient digital payments at over 100,000 e-commerce websites and other online portals.
The online card can be accessed by all Airtel Payments Bank customers via MyAirtel app inside the Payments Bank section.
This achievement comes close on the heels of the recently launched Digital Evolution Index, an exclusive report that was recently commissioned by Mastercard and the Fletcher School at Tufts University. It places India among the Break-Out economies, hinting at the country’s strong potential to emerge as a full-fledged digital economy.
Commenting on the feat, Shashi Arora, MD & CEO, Airtel Payments Bank said, “We are delighted with the customer response to our online debit and prepaid cards that further validates the growing acceptance of our digital payment platform in India. I would also like to take this opportunity to thank Mastercard for their continued support via the payments processing platform, ensuring safe, innovative and fast payments.”
Porush Singh, Country Corporate Officer, India and Division President, South Asia, Mastercard said, “It is heartening to see that cards issued by Airtel Payments Bank have clocked such an impressive growth. As payments processing partner, we are pleased to collaborate with Airtel Payments Bank to offer a safer, innovative and faster payments experience to its customers. We are constantly investing in India to deliver the highest quality of innovation and security in the payments space and set benchmarks for the industry”
Mastercard’s processing platform for Airtel Payments Bank enables a range of payment services including switching, card management, along with support for reconciliation and dispute management processes. This processing platform is supported by Mastercard’s state-of-the-art payment Technology Center in Pune.