Airtel Payments Bank has partnered with Axis Bank to digitise the cash collection system in Tier III cities and semi-urban regions.
Under this partnership, 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.
Through this tie-up, 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. Instead, they can deposit the amount at any Airtel Payments Bank outlet in the neighbourhood for transferring to the Axis Bank accounts.
This process will mitigate the risk of carrying cash collections by agents during long-distance 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.
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.
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.”
Munish Sharda, Group Executive and Head – Bharat Banking, Axis Bank said, “At Axis Bank, we have been constantly working with leading organisations in the industry to offer the best value proposition to our customers. 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.’’