Today, we live in the virtual world. With international economies rapidly becoming cashless and online, financial institutions are working tirelessly to complement the online economy by introducing innovative products and services. Virtual bank accounts and debit/credit cards supplement the cashless revolution today. In this world of online payment, digital savings bank has become a need for every other user.
Airtel Payments Bank is one such example of a digital savings bank. You can access the same, using the Airtel Thanks app. Let’s first understand what Airtel Payments Bank is.
What is Airtel Payments Bank?
Airtel Payments Bank was started in 2017. It is an initiative by Airtel to support the cashless revolution. With this virtual bank account, you can transfer money, earn 6% of interest, make an online payment, withdraw cash, buy third-party insurance, etc.
You can also transfer money from the Airtel Payments Bank to the Airtel wallet or other mobile wallet.
Features of Airtel Payments Bank
Airtel Payments Bank offers various services to its users. Some are listed below:
You can use Airtel Payments Bank to transfer money to every bank account in India. Either use UPI or IMPS to transfer the funds. Moreover, you can use the Airtel Thanks app to complete this money transfer.
Go ahead and open a savings account with Airtel Payments Bank from 5 Lakh and counting Airtel Banking points. Opening a savings account with the bank makes you eligible for exciting offers and discounts. You can also open an Account using Airtel Thanks App.
Online Debit card
An online debit card will be generated in the ‘Pay’ section of the Airtel Thanks app. You can use the CVV, expiry date, and card number to make multiple online payments.
Sage Pay is a unique feature for Airtel Payments Bank. It offers 3 levels of security for any transaction you conduct from the digital bank. After you put in your CVV and your PIN/OTP to complete the 2FA security, you will get a prompt on your phone to approve or disapprove the transaction. This allows us to take a triple check on the transaction being made.
Airtel Money Wallet
The Airtel Money Wallet is the online/digital mobile wallet for Airtel Payments Bank. It can make your transactions extremely fast and seamless. You can transfer money from your Airtel account to your Airtel money wallet using the Airtel Thanks app. Post that, recharge your phone, pay your bills, and more with the wallet.
You can use the bank and mobile wallet to scan any QR code and pay for the products or services used.
Personal Accident Insurance
By opening an Airtel Payments Bank account, you will be eligible to get free cover or free personal accident insurance of Rs. 1 Lac.
The Airtel Thanks app offers various offers when a transaction is made using the Airtel Payments Bank or its mobile wallet. Head over to the ‘Pay’ section to know more.
How can I open an Airtel Payments Bank account?
It is pretty easy to open an Airtel Payments Bank account. Follow the steps given below:
- Download the Airtel Thanks app and register with your mobile number.
- Head over to the ‘Pay’ section. Tap on the ‘Airtel Payments Bank’ option. You will be redirected to a new tab.
- Scroll down and click on the ‘Get Started’ button. Keep your Aadhar and PAN cards ready.
- Fill in the Aadhar card and PAN number. You will have to enter then the Aadhar OTP which you will receive on your registered phone number.
- Now you will have to fill in some of the basic details in the form.
- After that, you can schedule a video call for video verification. Keep your PAN ready with you.
- Post verification, your Airtel Payments Bank will be open.
You can also visit the nearest Airtel Banking point to open an account. Post account opening, you will be eligible for mobile wallet features. You can use the account for online payment and more, using the money transfer app Airtel Thanks app.