Airtel Payments Bank to launch on Jan 12: Everything we know
While details are sketchy about the Airtel Payments Bank, in the context of demonetization in India, this could be a big deal. Airtel already has its mobile wallet service called
Paytm which is the leading mobile wallet service in the country also recently announced that it had permission from the
"There are some rumours circulating that you will not be able to use the
"After the movement, we will be able to offer our customers a host of new services and features such as savings accounts where they will earn interest as well as being able to avail all the current services," Paytm added.
Similar to Paytm, Airtel Payments bank will offer 7.25 percent interest on savings accounts. Accounts can be opened using EKYC and Aadhaar, and the account will be tied to the customer number. The service will facilitate money transfers to any bank and transfers between Airtel numbers will be free and there will be no ATMs, but instead Airtel is promising easy deposits and withdrawals through its retail outlets. Every saving account with Airtel Payments Bank will also get a personal accidental insurance in excess of Rs 1 lakh.
As this is a paperless system, people will need to use the Airtel Money app to check their account balance.
“Any customer opening a savings account with Airtel Payments Bank will get one minute of talk time on his/her Airtel mobile for every
Post demonetisation, mobile wallets have received a huge fillip. Paytm has crossed 50 million downloads on the
Even the government has launched a new app called BHIM which has quickly grown in user base. Recently, it had crossed 500,000 users, and soon the government will also unveil an