Bank on it: Why the Airtel Payments Bank is your best financial tool

1. Bank on it: Why the Airtel Payments Bank is your best financial tool Bank on it: Why the Airtel Payments Bank is your best financial tool The Airtel Payments Bank is your one-stop solution for all your daily financial needs. But it differs from other online payment systems by offering several other important features. The online payments universe has grown by leaps and bounds in India. An initially sceptical population has warmed to the online payments space quite well and rapidly, especially after the demonetisation exercise of November 2016. From initial hiccups in processing payments to launching fully secure payment transaction terminals, the online payment space has grown both laterally and vertically quite quickly. This growth has occurred in synchronisation with the growth of the digital devices use in India. A high use of Internet-enabled smartphones and easy to use payment interfaces (many of which are directly linked to your bank account or cards) have made it possible for several people to switch seamlessly from the offline to the online payments space. However, it all largely depends on the ease of use of that payments app, and the security it offers. Unfortunately, not all apps are as secure as they should be. On the other end of the spectrum, there are some payment interfaces like the Airtel Payments Bank which seek to go beyond money transfers. They offer a multi-pronged financial solution for daily use: from saving money to buying insurance, and from paying bills to recharging DTH and other utilities, this wallet does it all. Some background on the Airtel Payments Bank The Airtel Payments Bank was set up in the year 2017, after it received approval to set up a payments bank from the RBI the previous year. The company is a subsidiary of Bharti Airtel, one of the leading lights in the Indian mobile services space in India. Today, the Airtel Payments Bank is a multifaceted payments platform that allows customers a variety of financial functions. You can pay your utility bills, settle phone and broadband bills, make DTH and prepaid recharges, reload your data card, buy insurance, avail of current offers, etc. That’s not all! Other important features you must know about the Payments Bank are: Airtel Money: This is the Airtel Payments Bank’s mobile wallet. It helps you pay via myAirtel smartphone app or using the USSD model. UPI: The Payments Bank also has a UPI linkage wherein all digital payments are routed securely through the BHIM app. UPI-based money transfers work on a peer-to-peer model, and you don’t need any beneficiary details or surrender your bank details to facilitate the transfer. PMJJBY: The Pradhan Mantri Jeevan Jyoti Bima Yojana is an insurance scheme that the Airtel Payments Bank and Bharti AXA Life Insurance provide since the year 2018. You can buy the insurance product via the Payments Bank and service it with regular premium payment via the wallet or UPI payments. Savings account: The money lying in the Payments Bank is treated like a savings deposit. The company is authorised to offer savings account interest on it, just like regular banks.