Bharti Airtel Ltd, India's leading provider of telecommunication services, and Axis Bank, India's third-largest private sector bank, established a strategic alliance today to stimulate the development of India's digital sector through a variety of financial products.
Airtel and Axis Bank will introduce a spectrum of new financial products and digital services specifically for Airtel's 340 million-plus users in the coming months, in an effort to expedite the country's uptake of digital payments. Co-branded credit cards with industry-leading advantages, pre-approved instant loans, Buy Now Pay Later options, and many more will be available. With its huge market presence in the country, the partnership will aid in the development of tier 2 and tier 3 sectors by allowing broader acceptance of digital payments.
"In a bid to accelerate adoption of digital payments in the country, over the coming months, Airtel and Axis Bank will bring to market a range of innovative financial offerings and digital services exclusively for Airtel's 340 million plus customers. These will include co-branded credit card with industry leading benefits, pre-approved instant loans, Buy Now Pay Later offerings and many more. The alliance, with its significant reach across the country will help penetrate tier 2 and tier 3 markets by enabling higher adoption of digitized payments," the official statement says.
The collaboration was launched today with the introduction of the first-of-its-kind 'Airtel Axis Bank Credit Card,' which will provide Airtel users with a slew of appealing advantages such as cashback, special discounts, digital vouchers, and complimentary services.
#Airtel & @AxisBank partner to bring a host of financial & digital services and exclusive benefits with first-of-its-kind ‘Airtel Axis Bank Credit Card’ for our customers— Bharti Airtel (@airtelnews) March 7, 2022
Here's accelerating adoption of #DigitalPayments!
Know more: https://t.co/oepL8mXvis#AirtelAxisBankConnect pic.twitter.com/zMs78xmJup
According to the official statement, Airtel Axis Bank Credit Card customers will receive the following enticing rewards on their card spending.
- 25% cashback on Airtel Mobile/DTH recharges, Airtel Black and Airtel Xstream Fiber payments.
- 10% cashback on Electricity/Gas/Water bill payments via Airtel Thanks app.
- 10% cashback on spends with preferred merchants - BigBasket, Swiggy, Zomato.
- 1% cashback on all other spends.
- Amazon e-Voucher INR 500 on card activation within 30 days of issuance.
This credit card will be offered digitally only to eligible Airtel customers via Airtel Thanks App.
"Additionally, Axis Bank will leverage Airtel's suite of digital services such as its C-PaaS platform - Airtel IQ which spans voice, messaging, video, streaming, call masking and virtual contact center solutions, to enhance digital capabilities. Axis Bank will also use various cyber security services from Airtel. Going forward, the companies will further explore collaborating across Cloud and Data Center services," the official statement says.
Gopal Vittal, MD & CEO (India and South Asia), Bharti Airtel said: "Airtel is building a formidable financial services portfolio as part of its endeavor to offer world-class digital services to its customers. We are delighted to join forces with Axis Bank in this exciting journey. Through this win-win telco-bank partnership, Airtel customers will get access to Axis Bank's world-class financial services portfolio and exclusive benefits, while Axis Bank will benefit from Airtel's strong digital capabilities and deep distribution reach."
Commenting on this partnership, Amitabh Chaudhry, MD&CEO, Axis Bank said, "At Axis Bank, we are constantly striving to enhance value for our stakeholders. This one of its kind collaboration will help widen the access to credit and various digital financial offerings from Axis Bank for Airtel's 340 million customers. On the other hand, we will leverage Airtel's widespread reach and services ranging from mobility and DTH to utility bill payments offering our customers the opportunity to maximize value, while also aiding the digital economy exponentially."