Airtel Payments Bank today announced that it is partnering with Axis Bank to digitize the cash collection system in India’s Tier III cities and semi-urban regions. Airtel Payments Bank will leverage the reach of its digital-led neighbourhood banking model to support Axis Bank with the digitization of last-mile cash collections, says the company.
Through this partnership, Axis Bank and its customers will benefit by building operational efficiencies in the cash management process. Further, this will increase the speed of the payment cycle and help in releasing the bandwidth of field agents who operate across the country. These agents will no longer have to travel back to the branch to deposit the collected EMI amount.
These agents can now easily deposit the amount at any Airtel Payments Bank outlet in the neighbourhood, and it will be immediately transferred to the Axis Bank accounts. This process will further mitigate the risk of carrying cash collections by agents during long-distance travel. Additionally, this process will help avoid any delay, as Airtel Payments Bank outlets operate beyond the traditional banking hours and over the weekends too.
Soon, Axis Bank customers will be able to make direct EMI deposits for loan payments at the 5,00,000 banking points of Airtel Payments Bank. This will enable customers to save time and travel by accessing the option to pay their EMI at the nearest Airtel Payments Bank outlet.
In recent news, Airtel launched its Fiber-To-The-Home (FTTH) broadband service earlier this month in Ladakh and Andaman & Nicobar Islands. Airtel became the first private ISP to roll-out FTTH broadband in these remote geographies and bring digital access to customer by “connecting them to the data superhighway”. The cheapest Airtel Xtsream Fiber Plan starts at Rs 499 per month and gives up to 40mbps speed with unlimited data.