To give a further boost to digital payments in the country and add customer convenience, Airtel Payments Bank, India's first payments bank, has announced its strategic partnership with fuel retailer Hindustan Petroleum Corporation Limited (HPCL).
All 14,000 HPCL fuel stations will now act as banking points for Airtel Payments Bank. All Airtel Payments Bank customers will be able to access a range of convenient banking services at these 14,000 fuel stations. For example, customers can open new accounts, make cash deposits, withdrawals and transfer money. This will add to the depth and reach of Airtel Payments Bank's retail based network that leverages over 300,000 Airtel retail outlets as banking points.
Under this partnership, Airtel Payments Bank customers will also be able to make secure and convenient digital payments for fuel purchases across 14,000 HPCL fuel stations by using their mobile phones.
These cashless payments can be made via smartphones (MyAirtel App) as well as feature phones (USSD). The customer will not be charged any transaction fee for these digital payments. This partnership will further expand Airtel's nationwide digital payments ecosystem that includes over 3 million merchant partners/outlet across India.
Shashi Arora, MD & CEO, Airtel Payments Bank said in a statement, "We are delighted to partner HPCL as part of our endeavor to build a robust and diverse merchant ecosystem that brings more digital payments avenues to our customers. We are, in particular, pleased to have these fuel outlets as our banking points. We are confident that this partnership will add to the growth of digital payments in the country and contribute to the Government's Digital India vision."
Likewise, G S V Prasad, Executive Director - Retail at HPCL said in a statement, "We are pleased to join hands with Airtel Payments Bank to promote digital payments in the country and contribute to the government's digital India endeavor. Customers visiting our outlets will now be able to pay seamlessly for fuel purchases and will also be able to enjoy the added convenience of banking with Airtel Payments Bank. We are confident our customers will benefit significantly with this unique association."
Airtel Payments Bank's range of services include:
- Digital Banking: Paperless account opening using Aadhaar based e-KYC.
- The customer's mobile number will be his/her bank account number.
- Interest rate of 7.25 per cent per annum on deposits in savings accounts.
- Money transfer to any bank account in India (free money transfer from Airtel-to-Airtel numbers within Airtel Payments Bank).
- Free personal accidental insurance of Rs. 1 lakh with every savings Account.
- Deposit and withdrawal facility across a wide network of Airtel retail outlets.