After seeing a massive success in Rajasthan, Airtel Payments Bank Limited, today extended their footprint to South Indian regions of Andhra Pradesh and Telangana. Airtel, recently commented that they have already registered more than 100,000 users who opened a savings account for their service in less than two weeks of initial launch.
The India’s largest telecom service has nearly 15,000 Airtel retail outlets in both Andhra Pradesh and Telangana. Out of which, 8,000 stores are from Andhra Pradesh and the rest of the stores are from Telangana. Also, 70 percent of these banking points are in rural areas, thereby driving financial inclusion and reaching underbanked areas as well.
Airtel’s primary aim is to deliver basic banking service without any ATM card or another source. The major intention behind this project is every user should pay to a particular merchant using Airtel Payments Bank itself. The best part of this service is anyone with an Aadhaar card can enroll themselves into the service and start using irrespective of the device they have. For example, you can use this service even with a feature phone as well.
Speaking of the expansion of service to Andhra Pradesh and Telangana, Shashi Arora, MD & CEO – Airtel Payments Bank said, “We are pleased to roll out our pilot services in Andhra Pradesh and Telangana and look forward to serving customers and contributing the financial inclusion vision of the two states. We have received an incredibly positive response from customers in Rajasthan and would like to replicate the same in AP and Telangana before we roll out our services nationally.”
As stated earlier, users whoever has an Aadhaar card can entitle themselves into the service. Having said that, the customer’s mobile number will be their bank account. Furthermore, the savings account will receive an interest rate of 7.25 percent per annum. It is worth noticing that people with this Airtel Payments account can transfer money to any bank account in India, which is a good feature to have around.
Airtel is expecting the same response from these two states, as they got in Rajasthan. Will you enroll yourself in Airtel Payments Bank? Let us know your thoughts in comments space below.