India’s leading mobile phone operator Bharti Airtel Friday announced the pan India launch of ‘airtel money’, the country’s first of its kind mobile wallet service by a mobile operator.
The service will be run by Airtel M Commerce Services Limited (AMSL), a wholly owned subsidiary of Bharti Airtel and will be available across 300 key cities in India. The company claimed that ‘airtel money’ is a fast, simple and secure service that allows its users to load cash on their mobile devices and spend it to pay utility bill and recharges, shop at more than 7000 merchant outlets and transact online.
“Apart from serving as an easy alternative to cash/card payment options, ‘airtel money’ has now become the first mobile-based service to offer customers the convenience of instant money transfer from an airtel money wallet to another airtel money wallet and bank accounts. With this, customers can now use airtel money to make payments and transfer money across the country,” the company stated.
How does it work:
1. Subscribe: Dial *400# or register on www.airtelmoney.in or visit a nearest ‘airtel money’ (15000 plus outlets across 300 cities) retailer to fill the application form and submit necessary documents.
2. Activate: Choose an MPIN to activate the account.
3. Load cash: Load cash by visiting a nearest ‘airtel money’ retail outlet or through a net banking account.
Now you are ready to use the mobile wallet. Customers can choose between two types of ‘airtel money’ accounts: Express (daily spending limit of $203) and Power (daily spending limit of $1015).
The company has established merchant partnerships with over 1800 brands across the country for ‘airtel money’ power accounts. This include utility providers, state electricity boards (like BSES, Reliance Energy, Indraprastha Gas), telecom (BSNL/MTNL), insurance (LIC), mutual funds, organized retailers (DT Cinemas, Fun Cinemas, Megamart, Univercell, Apollo Pharmacy), as well as local chemists and grocery stores who will now accept payments via ‘airtel money’.
Additionally, the service will work as a convenient payment alternative to debit and credit cards in days to come for online transactions on popular websites like Flipkart, Yatra, Letsbuy and even www.airtel.in, the company stated.
The service also allows customers using ‘airtel money’ avail exclusive discounts and attractive offers at various merchant outlets in the market.
In 2010, AMSL was granted the license to use the Semi Closed Wallet by the Reserve Bank of India. The company has designed a secure and robust backend system to offer India’s first mobile wallet service.
