Aditya Birla Payments Bank was launched in 2017 with a vision to provide simple, fast, and secure banking services to the masses. It is a digital bank that offers a range of services including savings accounts, current accounts, and mobile payment services.
The bank's mobile payment services allow customers to make transactions using their mobile phones, eliminating the need for cash or cards. With a strong focus on digital payments, Aditya Birla Payments Bank aims to promote a cashless economy in India.
Aditya Birla Payments Bank offers a mobile app that enables customers to make payments, check their account balance, and transfer funds. The app is user-friendly and can be downloaded from the Google Play Store or Apple App Store.
Services and Features
Aditya Birla Payments Bank offers a range of services and features that make banking convenient and hassle-free.
You can open a digital, paperless, zero balance bank account instantly through the ABPB app, skipping the queues and paperwork.
The app allows you to load money through various methods, including Credit Card, Debit Card, Net-banking, or UPI, giving you flexibility and ease of use.
With ABPB, you can access your account anytime, anywhere through the mobile banking app, USSD (*400#), Net banking, or Banking points, making it easy to manage your finances on the go.
The app also provides smart account statements and transaction history to help you track your spends and stay on top of your finances.
You can pay bills and shop online with ease, using the BHIM ABPB UPI ID, which is complimentary with your savings account and allows for one-tap payments with UPI.
Mobile Banking & Payments
With the Aditya Birla Payments Bank (ABPB) mobile app, you can experience the new-age of banking that's simple, easy to use, fast, and secure.
You can open a digital, paperless, and zero balance bank account instantly through the app. Just download the app, do your Aadhaar OTP verification, validate KYC details, set a secure MPIN, and you're all set to go!
The ABPB app offers anytime, anywhere access through mobile banking, USSD (*400#), net banking, or banking points. This means you can manage your account from anywhere, at any time.
You can load money into your account through credit card, debit card, net-banking, or UPI. This makes it easy to top up your account whenever you need to.
The app provides smart account statements and transaction history to track your spends. This helps you stay on top of your finances and make informed decisions.
You can make payments on-the-go, including mobile recharge, data card or DTH recharge, postpaid bill payments, broadband, landline, or electricity and gas bill payments. Just choose your preferred payment option and go!
Existing Idea money customers will need to verify their ID on first login for activation of the upgraded ABPB wallet. This ensures a seamless transition to the new wallet.
With the ABPB app, you can choose your mobile number as your bank account number. This makes it easy to remember and access your account.
Idea Payments Bank to Close
Aditya Birla Idea Payments Bank Ltd has decided to shut down operations due to "unanticipated developments in the business landscape that have made the economic model unviable".
The bank has already asked customers to transfer their balances before 26 July.
Aditya Birla Payments Bank was a payment bank joint venture by Aditya Birla Nuvo Ltd. and Idea Cellular, established in 2016.
It was one of the 11 entities that received the principal approval from the Reserve Bank of India to set up a payment bank in India.
However, the bank had struggled to see significant success, and a Reserve Bank of India report showed that payments banks have been making losses consistently.
The bank had announced that it would wind up its banking services on account of the "unanticipated developments", which made its economic development viable enough.
The RBI needs to reshape and reconsider its guidelines to give more freedom to the payment banks in India.
The Indian finance system is not very friendly for the payments banks, making most of them turn into small finance banks to survive.
The bank had struggled to earn a profitable revenue due to plenty of restrictions that limit the payment banks in India.
Frequently Asked Questions
What are the 6 payment banks in India?
There are 6 payment banks in India: Airtel Payment Bank, India Post Payment Bank, Fino, Paytm Payment Bank, NSDL Payment Bank, and Jio Payment Bank. These banks offer a range of financial services to customers.
Is Aditya Birla a bank?
Aditya Birla is a company that started a payments bank, but it's not a traditional bank itself. Aditya Birla Payments Bank Limited was a joint venture with Aditya Birla Nuvo Ltd.
Which payment bank is best in India?
Unfortunately, there is no single "best" payment bank in India, as each bank has its unique features and offerings. To find the best payment bank for your needs, consider factors like fees, interest rates, and services offered by banks like Airtel Payments Bank, India Post Payments Bank, Fino Payments Bank, Jio Payments Bank, and NSDL Payments Bank.
Where is the headquarter of Aditya Birla Payment Bank?
The headquarter of Aditya Birla Idea Payments Bank is located in Mumbai, Maharashtra, India. Specifically, it's situated at A4, Aditya Birla Centre, S.K. Ahire Marg, Worli.
Sources
- https://www.graphream.com/case-studies/aditya-birla-payments-bank%7C20766
- https://en.wikipedia.org/wiki/Aditya_Birla_Payments_Bank
- https://idea-money.en.aptoide.com/app
- https://www.medianama.com/2019/07/223-aditya-birla-payments-bank-to-shut-down-due-to-unanticipated-developments-in-business-landscape/
- https://www.news18.com/news/business/aditya-birla-idea-payments-bank-to-close-operations-transfer-your-balance-soon-2240911.html
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