  Bharti Airtel, through its wholly owned subsidiary airtel mCommerce Services LimitedonThursday entered into a strategic alliance with Axiz Bank to deliver banking and payment services in India through the mobile platform.
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This alliance will leverage the companies’ respective strengths in telecom and banking sectors to empower financially excluded citizens of India with banking products and services towards enhancing their livelihood and quality of life.
Airtel said that with Axis Bank’s expertise in banking and airtel’s extensive distribution network that spans over 1.5 million outlets, together, we are confident that this association will play a transformational role in furthering economic empowerment and fast-tracking India’s financial inclusion agenda”.
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With the partnership announced today, no-frills savings account of Axis Bank will be opened for customers on the airtel money platform called ‘airtel money Super Account powered by Axis Bank’ offering customers banking transactions including cash deposit, money transfer and withdrawal.
To begin with, savings and remittance solutions will be provided in the top four remittance corridors involving Delhi and Mumbai on the sending side and Bihar and East UP on the receiving side. Thereafter these services may be extended to other remittance corridors in the country. Gradually other banking products and services like micro Recurring Deposits, micro Fixed Deposits, small loans and micro-insurance products will also be provided through this platform.
Sanjay Kapoor, CEO – India & South Asia, Bharti Airtel said, “. The all new ‘airtel money Super Account powered by Axis Bank’ acts as a no-frills bank account that comes with remittance capabilities which empower customers to send money, withdraw cash from the nearby designated airtel money outlets, keep money safe and even enjoy interest on savings through their mobile device.
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Speaking at the launch event held in Mumbai, Shikha Sharma, MD & CEO, Axis Bank said, "We are delighted to partner with airtel for strengthening our financial inclusion initiative. Our alliance with airtel will help the Bank to reach out to excluded segments of our population, both in rural and urban centres, with reasonably priced banking and financial services."
Infosys, a global leader in consulting and technology, is the technology innovation partner for the launch of ‘airtel money Super Account powered by Axis Bank’
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