Guwahati: Airtel Payments Bank has collaborated with Axis Bank, India’s third-largest private sector bank, to digitise cash collection in Tier III cities and semi-urban areas. Airtel Payments Bank will help Axis Bank digitise last-mile cash collections by leveraging the extensive reach of its digital-led neighborhood banking model.
Axis Bank and its customers will benefit significantly from this collaboration by increasing operational efficiencies in the cash management process. This would also help to shorten the payment cycle and free up the bandwidth of field agents working across the country. These agents will no longer have to return to the branch to deposit the EMI amount collected.
They can now easily deposit the amount at any Airtel Payments Bank outlet in the area, and it will be transferred to their Axis Bank accounts immediately. This procedure will reduce the risk of agents carrying cash collections during long-distance travel. Furthermore, because Airtel Payments Bank outlets operate far beyond traditional banking hours and on weekends, this procedure will help avoid any delays.
Axis Bank customers will soon be able to make direct EMI deposits for loan payments at Airtel Payments Bank’s 5,00,000 banking locations. Customers can now save time and money by paying their EMI at the nearest Airtel Payments Bank location.
“We are delighted to join hands with Axis Bank for digitization of last-mile cash collection,” said Gaurav Seth, Chief Finance Officer and Head Institutional Business, Airtel Payments Bank. By digitising the entire chain, we reduce the challenges of managing physical cash while also mitigating the risk of cash in transit. This results in significant operational efficiencies for both our partner and their customers.”
“At Axis Bank, we have been constantly working with leading organisations in the industry to offer the best value proposition to our customers,” said Mr. Munish Sharda, Group Executive, and Head – Bharat Banking, Axis Bank. This collaboration with Airtel Payment Bank is yet another step toward digitization, providing greater convenience and faster solutions to our vast customer base in the country’s semi-rural regions.”