Airtel partners Axis Bank to boost India’s digital financial services ecosystem

Indian telecoms provider Airtel is partnering with Axis Bank as the firms look to introduce a range of financial offerings and digital services to develop and strengthen the country’s digital financial services ecosystem.

Airtel has described the telco-bank partnership as a “win-win”

The new services, which include instant loans and buy now, pay later (BNPL) offerings, will be available to Airtel’s more than 340 million customers.

The arrangement between India’s third largest private bank and the telecoms multinational is designed to kickstart the use of digitised payments in India’s developing cities and internal markets.

Axis Bank managing director and CEO Amitabh Chaudhry says the “one-of-a-kind” collaboration will widen access to credit and aid the digital economy.

“We will leverage Airtel’s widespread reach and services ranging from mobility and direct to home (DTH) to utility bill payments offering our customers the opportunity to maximise value,” Chaudhry adds.

Axis Bank will also utilise Airtel’s communications platform-as-a-service offering to bolster its digital communications capacity, as well as tapping the telco’s cybersecurity, cloud and data services.

The Airtel Axis Bank credit card is the first product to be launched under the partnership, which features cashback, digital vouchers and access to complimentary services.

Bharti Airtel managing director and CEO in India and South Asia, Gopal Vittal, says Airtel customers gain access to Axis Bank’s financial services portfolio while Axis Bank benefits from Airtel’s “strong digital capabilities and deep distribution reach”.

Headquartered in India, Airtel operates in 16 countries across South Asia and Africa and its networks cover more than two billion people.