After Nokia Money, airtel money has gone live pan India – 300+ cities and 7000+ merchant outlets.
airtel money’s pilot began in 2011 in NCR after bharti airtel was granted the license to use the Semi Closed Wallet by the Reserve Bank of India.
How does airtel money work?
- Subscribe: Dial *400# / register on www.airtelmoney.in / visit nearest airtel money retailer to fill the application form and submit KYC documents (2 copies of identity proof, 1 copy of address proof, 1 passport size photo)
- Activate: Simply choose your MPIN to activate the account
- Load cash: Load cash by visiting your nearest airtel retail outlet or through your net banking account
How can you use airtel money?
You can use the cash in your mobile for making bill payments (e.g. electricity, gas, financial services) and recharges. You can also shop for products and importantly, even transfer money to bank accounts of your friends and family.
Customers can choose from 2 types of airtel money accounts (link) – Express Account and Power Account:
|Pay utility bills
|Express Account||Rs. 10,000||Y|
|Power Account||Rs. 50,000||Y||Y||Y||Y|
For airtel money Power Accounts, airtel has established merchant partnerships with over 1,800 brands across the country – this includes utility providers; state electricity boards viz. BSES, Reliance Energy, Indraprastha Gas, telecom (BSNL/MTNL) and insurance (LIC) and mutual funds, organized retailers (e.g. DT Cinemas, Fun Cinemas, Megamart, Univercell, Apollo Pharmacy) as well as local chemists and grocery stores who will now accept payments via airtel money, thereby ushering a new era in the world of electronic payments.
airtel money: charges
The minimum amount of every payment you make is Rs. 5 and there is no minimum balance requirement.
– If you register for or upgrade to a power account, you will be charged a processing fee of Rs. 50. Non-airtel utility payments will be charged at Rs. 10/ and travel ticketing will cost 1% of transaction (or Rs. 50/ whichever is less).
– Important to note that individual merchants may choose to levy their own charges.
Additionally, airtel money will work as a convenient payment alternative to debit and credit cards in days to come for online transactions on popular websites like Flipkart, Yatra, Letsbuy and even www.airtel.in.