Airtel Payments Bank has tied up with global cloud-payment solutions provider, Empays, to allow its users to make card-less cash withdrawals at over one lakh ATMs across India. Starting today, Airtel Payments Bank’ savings account holders will be able to withdraw cash using just their mobile phone through the card-less cash technology called IMT (Instant Money Transfer). The technology can be used for self-withdrawal or for sending money to an intended recipient for ATM cash withdrawal.
What is Instant Money Transfer?
For the unaware, IMT or Instant Money Transfer is the largest interoperable card-less cash ATM network in the world, built and run by Empays Payment Systems India Pvt Ltd. At the moment, IMT is available for Airtel Payments Bank account holders at over 20,000 IMT enabled ATMs in India and will cover more than 100,000 ATMs by the end of this year.
How Can Airtel Payments Bank Users Access IMT?
IMT is accessible to all Airtel Payments Bank account holders through USSD (*400#) and My Airtel app. The customers can generate a cash withdrawal request which can be used for withdrawal at any of the IMT enabled ATMs. As an introductory offer, Airtel Payments Bank has waived off Rs 25 transaction fee for the first two self-withdrawals.
Commenting on the launch, Mr Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank, said “We believe in digital India. We are making this a reality by providing innovative digital solutions that enhance banking. Our tie-up with Empays is an important step that enables our customers to realize digital, phone-based cash withdrawals at over 100,000 ATMs, through either USSD or the MyAirtel App. We will accelerate such steps to make digital banking with Airtel Payments Bank simple and easy.”
India to Have Over 1 Lakh IMT Enabled ATMs by the End of 2018
Over 100,000 ATMs belonging to some of the largest banks in the country such as State Bank of India, Axis Bank and Punjab National Bank are linked to the IMT system for card-less cash withdrawals. The network is licensed by the Reserve Bank of India as a payment system and is the only one of its kind in the country.
“We are delighted that Airtel Payment Bank has enabled the IMT capability for its customers. IMT is the largest cardless cash ATM network in the world. We believe IMT will provide an additional convenience to Airtel Payment Bank’s consumers.”, said Mr Ravi Rajagopalan, Founder/CEO Empays Payment Systems. “Airtel Payments Bank is one of the most innovative financial institutions in the country, and we are happy to partner with them.”
Airtel Payments Bank Details
Airtel Payments Bank is India’s first payments bank launched back in January 2017. The payments bank went through some rough patch late last year due to the violation of eKYC license terms set by UIDAI. Airtel Payments Bank aims to take digital banking services to the doorstep of every India, particularly in unbanked rural areas.
Airtel Payments Bank currently has its presence in all the 29 states of India through a vast retail network of over 500,000 banking points. These banking points offer account opening, cash deposit and withdrawal, money transfer facility.