Airtel Payments Bank has partnered Axis Bank to digitize the cash collection system in the country’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 digitisation of last-mile cash collections and would also speed up the payment cycle while aiding 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. Instead, they can deposit the amount at any Airtel Payments Bank outlet in the neighbourhood for transferring to the Axis Bank accounts.
Munish Sharda, Group Executive and Head – Bharat Banking, Axis Bank said, “This partnership with Airtel Payment Bank is yet another step towards embracing digitisation, offering greater convenience and faster solutions to our vast customer base in the semi-rural regions of the country.’’
Axis Bank customers will soon be able to make direct EMI deposits for loan payments at the 5 lakh banking points of Airtel Payments Bank, thereby saving time and travel. Additionally, this process will help avoid any delays, as Airtel Payments Bank outlets operate much beyond the traditional banking hours and over the weekends too.
Gaurav Seth, Chief Finance Officer and Head Institutional Business, Airtel Payments Bank, said, “We are delighted to join hands with Axis Bank for the digitisation of last-mile cash collection. Our Collection Management Services reduce the challenges of managing physical cash and mitigate the risk of cash in transit by digitising the entire chain. This brings in huge operational efficiencies for our partner as well as their customers.”
