Axis Bank and Airtel Payments Bank collaborate to digitize last-mile cash collection

29 Jun 2022 , 03:01 PM

In order to digitize the cash collection mechanism in India’s Tier III cities and semi-urban areas, Airtel Payments Bank has teamed with Axis Bank. Airtel Payments Bank will help Axis Bank digitize last-mile cash collections by utilizing the broad reach of its digital-led neighbourhoods banking concept.

This collaboration will aid Axis Bank in streamlining its cash management operations. Additionally, it is anticipated to shorten the payment cycle and free up bandwidth for the nation’s field agents.

Agents no longer need to travel back and forth to collect and deposit EMIs because they can now deposit the money at any Airtel Payments
Bank location nearby, and the money will be sent to their Axis Bank accounts. By doing this, the danger associated with long-distance travel with cash collections by agents will be substantially reduced. This procedure will also assist prevent delays because Airtel Payments Bank locations are open well past regular banking hours and on weekends.

Customers of Axis Bank will also be able to make direct EMI instalments for loan payments at the 5,00,000 Airtel Payments Bank banking locations.

The share price of Axis Bank is down 1.95% whereas that of Airtel is up 0.57%.