Airtel Payments Bank Simplifying Digital Payments and Transactions

Airtel Payments Bank is making digital payments and transactions easier for its users. It offers a range of services that simplify the process of managing finances.

The bank allows users to open a savings account with just an Aadhaar card and a mobile number. This makes it easy for people to access banking services, even in areas where traditional banks may not have a physical presence.

One of the key features of Airtel Payments Bank is its ability to facilitate digital transactions. Users can make payments, transfers, and even bill payments using their mobile phones.

Airtel Payments Bank also offers a range of other services, including insurance and investment options.

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Airtel Payments Bank has a fascinating history. In 2015, eleven companies received In-principle approval from the Reserve Bank of India to set up Payments Bank under the guidelines for Licensing of Payments Bank.

The first company to receive the Payments Bank license was Airtel Payments Bank, which got it on 11 April 2016. This was a significant milestone for the bank.

Airtel Payments Bank was launched in September 2016, with a pilot project in Rajasthan that went live in November 2016. This marked the beginning of the bank's journey towards supporting the cashless revolution in India.

The bank's initial partnership was an 80:20 split between Bharti Airtel and Kotak Mahindra Bank. This partnership played a crucial role in the bank's early success.

In a significant move, Kotak Mahindra sold its stake to Bharti Enterprises in August 2021. This led to the Bharti Group of Companies owning 99.9% of the bank's equity capital as of 31 December 2021.

Airtel Payments Bank turned profitable in the quarter ended 30 September 2021, with an annual revenue run rate of ₹1,000 crore.

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Airtel Payments Bank offers a range of convenient services and features to make digital payments easy and secure.

You can make UPI enabled digital payments through Airtel Payments Bank, which was launched in September 2017, allowing customers to link their bank accounts on BHIM before making UPI payments.

To enable transactions, customers don't need to furnish their bank details for UPI-based payments and transfers.

Digital payments have become a game-changer in the way we make transactions. Airtel Payments Bank launched UPI enabled digital payments in September 2017.

Customers need to link their bank accounts on BHIM before they can make UPI payments. For UPI-based payments and transfers, customers are not required to furnish their bank details to enable transactions.

Airtel Money is a digital wallet by Airtel Payment Bank that allows users to make payments using the "Airtel Thanks App" or USSD.

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Airtel Payments Bank launched the issuance of FASTag in November 2019, both online and offline. This service allows users to pay toll fees digitally, making it a convenient option for frequent travelers.

FASTag was launched by Airtel Payments Bank in November 2019, marking a significant step towards digital payments in India.

Airtel Payments Bank offers a range of secure payment options.

Airtel Safe Pay is an advanced payment validation system that provides an additional layer of security compared to the standard two-factor authentication.

This means that customers have an extra level of protection when making payments, giving them peace of mind.

To facilitate digital payments, Airtel Payments Bank launched UPI enabled digital payments in September 2017, allowing customers to make secure transactions without sharing their bank details.

Airtel Money, a digital wallet, also enables users to make payments using the "Airtel Thanks App" or USSD.

The Airtel Payments Bank Smartwatch, launched in collaboration with Noise and the National Payments Corporation of India, incorporates a RuPay chip embedded in the dial, enabling direct payments.

DigiGold allows Airtel Payments Bank customers to make investments in gold through a digital platform.

Launched in May 2021, DigiGold is a partnership between Airtel Payments Bank and SafeGold, a provider of digital gold.

This platform provides customers with a convenient way to invest in gold, a popular and traditional asset class.

The partnership with SafeGold enables DigiGold to offer a secure and reliable way for customers to buy and store gold.

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Airtel Payments Bank offers a range of convenient services for transferring funds. You can transfer money within the bank through internet or mobile banking without incurring any charges.

To transfer money from Airtel Payments Bank to another bank, you'll be charged 0.5% of the amount transferred. This fee applies to all transfers made outside of the bank.

To initiate a transfer, you'll need to provide some essential information to the bank. This includes the amount to be transferred, the payee's account details, and the IFSC code of the payee bank branch.

Here are the specific details required for a successful transfer:

By following these simple steps, you can easily transfer funds using Airtel Payments Bank's NEFT, IMPS, and RTGS facilities.

The format of Airtel Payments Bank's IFSC code is a unique 11-digit alphanumeric code. Here's a breakdown of what each part means.

The first four letters, AIRP, represent the name of the bank, Airtel Payments Bank.

The fifth character is always 0.

The last six digits, 0000SC, represent the branch, which in this case is Airtel Payments Bank.

This specific format is standard for all accounts in the same branch of the bank.

The format of an Airtel Payments Bank IFSC code is quite standard, and it's an 11-digit alphanumeric code. The first four letters, AIRP, specifically denote the name of the bank, which is Airtel Payments Bank.

Here's a breakdown of the code:

This format helps identify the bank and branch associated with the IFSC code, making it easier to use for transactions.