August 29, 2017, Bangalore: Airtel Payments Bank-Mastercard powered online Debit and Prepaid cards clocked a major milestone, crossing two million users in India within five months of the launch. This innovative digital payments solution enables Airtel Payments Bank customers to make secure and convenient digital payments at over 100,000 ecommerce websites and other online portals.
The online card can be accessed by all Airtel Payments Bank customers via the My Airtel app inside the bank section.
This achievement comes close on the heels of the recently launched Digital Evolution Index, an exclusive report that was recently commissioned by Mastercard and the Fletcher School at Tufts University. It places India among the Break-Out economies, hinting at the country’s strong potential to emerge as a full-fledged digital economy.
Commenting on the feat, Shashi Arora, MD & CEO, Airtel Payments Bank said, “We are delighted with the customer response to our online debit and prepaid cards that further validates the growing acceptance of our digital payment platform in India. I would also like to take this opportunity to thank Mastercard for their continued support via the payments processing platform, ensuring safe, innovative and fast payments.”
Porush Singh, Country Corporate Officer, India and Division President, South Asia, Mastercard said, “It is heartening to see that cards issued by Airtel Payments Bank have clocked such an impressive growth. As the payments processing partner, we are pleased to collaborate with Airtel Payments Bank to offer a safer, innovative and faster payments experience to its customers. Such a significant growth for online debit and prepaid cards also indicates a rising tendency to shop online, besides an increasing receptivity among consumers to embrace cashless practices.”
Mastercard’s processing platform for Airtel Payments Bank enables a range of payment services including switching, card management, along with support for reconciliation and dispute management processes. This processing platform is supported by Mastercard’s state-of-the-art payment Technology Center in Pune.
About Airtel Payments Bank
Airtel Payments Bank is India’s first payments bank, with operations across all 29 States of India. It is a fully digital and paperless bank and aims to take basic banking services to the doorstep of every Indian and contribute to the Government’s vision of Financial Inclusion and Digital India. Airtel Payments Bank operates through a differentiated banking model that leverages Airtel’s vast retail network that runs deep into rural India. These Airtel retail stores across the country also function as banking points, and customers can open savings accounts, deposit and withdraw cash, and make convenient money transfers across any of these banking points. Airtel Payments Bank also allows customers to make digital payments over the mobile devices across a wide range of merchants across India. For more details https://www.airtel.in/bank
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardIndia and @MastercardAP join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.