Aimed at offering customers with an efficient alternative to cash transactions, airtel money will provide airtel customers across the country with a convenient and secure way of making payments through the ubiquitous mobile platform.
In 2010, bharti airtel was granted the license to use the Semi Closed Wallet by the Reserve Bank of India.Launched initially for Gurgaon, Airtel Money is a first-time foray for a mobile operator to act as a digital wallet.With tieups with Gurgaon based coffee shops, restaurants etc. to accept payments offered through Airtel Money, the venture will soon be expanded to over 3,000 merchants in the city.
Country’s second largest software exporter Infosys said it has been selected as the technology partner for ‘airtel money’, the mobile wallet service of telecom operator Bharti Airtel.
Under the partnership, Infosys will deploy its mobile commerce platform Infosys Walletedge to enable the service support cashless payments and settlement needs of customers, Infosys said in a filing to the BSE.
“We believe that airtel money that empowers the customer with the convenience of instant money transfer, will play a pivotal role towards driving the goal of financial inclusion in the country.We are confident that together we will offer a compelling proposition for our customers for them to accept airtel money as a way of life,” Bharti Airtel CEO India and South Asia Sanjay Kapoor said.
Why use this when you have option of net banking ?
Problem is not all the banks have application ready which can be used to pay bills at shops, movies and so on. Airtel brings all of these shopping points in one place. Moreover using an online payment gateway from the mobile browser is very difficult when it comes to user experience.
However you should know some facts before you start using it.
Most of the times we just run after the concept without knowing how much it can cost to us. So below I am listing down the facts which I gathered from the Official Site of Airtel Money.
Features of the Airtel money scheme:
- It uses a Money transfer software application.
- To pay all you need is Airtel Money number of the shop you need to pay.
- You get a transaction id for each payment.
- The payments are on a secured network and it needs a password called as mpin which you enter for every trqansaction.
- So even if you lose your mobile phone your money is safe as nobody knows your mpin, so make sure you don’t share it with anybody else.
- You need to register with valid documents i.e. Photo, Address Proof with Photo ID.
- Minimum recharge is of RS 100.
- You can have zero balance.
- A maximum balance of Rs 5000.
What if you don’t use your Airtel Money Account for a long time ?
There is no expiry for your Airtel Money account but if you don’t use it for 6 months after your last transaction, your account will be deactivated and you will lose all the money left in your account.
- Load cash: Load cash on your airtel mobile by visiting your nearest airtel retail outlet [Minimum is Rs. 10, Maximum is Rs. 5,000 and monthly limit stands at Rs. 50, 000].
- Pay bills & recharge: You will be able to use this cash in your mobile for making bill payments (electricity, gas, financial services, etc.) and recharge – Limits same as above.
- Shop & make payments: Instead of cash, pay over-the-counter merchants such as your nearest kirana store, chemist, etc using your mobile phone. You can even sit at home and pay for services like booking movie tickets online
Airtel has recently announced a JV with State Bank of India to provide banking and financial services to millions of unbanked Indians using the mobile platform. With this launch of airtel money – airtel now offers a complete suite of financial products on mobile devices for the banked as well as unbanked population of the country.
How To use airtel money
- Register by filling in the application form and submitting KYC documents (2 photocopies of proof-of-identity, 1 copy of proof-of-address and a passport size photograph).
- After the above, your existing airtel SIM will be upgraded to the new 64K airtel SIM with airtel money
- Activate your airtel money account by choosing your MPIN.
- Load cash into your airtel money account by visiting your nearest airtel retailer
- You are now ready to send commands through the airtel money application on your phone and transact anytime, anywhere!
Airtel Money Demo:
“The mobile phone is fast emerging as a device that enables our lives in more than many ways. Taking this a step further, we are proud to launch airtel money as a first-of-its-kind service from a telecom operator, that transforms the mobilephone into a secure and convenient wallet which customers can use to load money and use it for shopping and making payments. We see a huge potential for mCommerce services in India and are confident that the launch of airtel money will facilitate a paradigm shift in the way consumers transact” said Mr. Atul Bindal, President – Mobile Services, Bharti airtel.
Airtel Money New TVC: