Saturday, July 13, 2024

Airtel Payments Bank partners with Axis Bank to digitize last mile Cash Collection

Airtel Payments Bank has partnered with Axis Bank, India’s third largest private sector bank, to digitize the cash collection system in India’s Tier III cities and semi-urban regions. Airtel Payments Bank will leverage the extensive reach of its digital-led neighbourhood banking model to support Axis Bank with the digitization of last-mile cash collections.

Through this partnership, Axis Bank and its customers will benefit significantly by building operational efficiencies in the cash management process. This would also speed up 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. They 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 much 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. Now, customers will save on time and travel by accessing the option to pay their EMI at the nearest Airtel Payments Bank outlet.

Gaurav Seth, Chief Finance Officer and Head Institutional Business, Airtel Payments Bank said, “We are delighted to join hands with Axis Bank for digitization of last-mile cash collection. Our Collection Management Services reduce the challenges of managing physical cash and also mitigates the risk of cash in transit by digitizing the entire chain. This brings in huge operational efficiencies for our partner as well as their customers.”

Speaking on the occasion, Mr Munish Sharda, Group Executive and Head – Bharat Banking, Axis Bank said, “At Axis Bank, we have been constantly working with leading organizations in the industry to offer the best value proposition to our customers. This partnership with Airtel Payment Bank is yet another step towards embracing digitization, offering greater convenience and faster solutions to our vast
customer base in the semi-rural regions of the country.’’

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