Airtel Money Case Study
Airtel Money was initially used by a small section of the urban population. However, it was after demonetisation that the use of the app grew enormously. People going through cash crunches opted to use this digital wallet among others to make purchases and pay bills. The app is also being …show more content…
Launched initially for Gurgaon, Airtel Money was the first-time foray of the telecom operator to launch a digital wallet. Initially Airtel Money had tied up with Gurgaon-based coffee shops, restaurants etc. to receive payment offered through the app, but soon the venture expanded to over 3,000 merchants in the city.
Airtel operates Airtel Money as a flagship product of its subsidiary Airtel Payments Bank. The bank was the first entity to receive a payment bank license from the Reserve Bank of India. The aim and objective of the payment bank is to reach out to the unbanked population of the country, many of which live in small towns and villages and have absolutely no clue about banking and other financial transactions. Airtel Money is expected to help bridge this gap along with other mobile wallet …show more content…
You can shop online while sitting at home and make payments using your Airtel Wallet. You can also book movie tickets while sitting in the comfort of your home.
• Transfer money: You can transfer the money to another user’s account using Airtel Money. However, you need to make sure the transfers are within the limits specified for each account.
Q. Do I need to submit KYC documents for Airtel Money?
A. Airtel Payments Bank offers two types of accounts – Express and Power. The Express account is what you get when you sign up. You do not have to submit KYC documents to use this account. The second account, i.e. the Power account is made available to you only after you submit your KYC documents.
Q. How do I use Airtel Money without data connection?
A. Simply dial *400# from your mobile phone and you will have access to the Airtel Money menu. You can use up to Rs. 5,000 in this way, without having to use the wallet app. Airtel Money works on USSD (Unstructured Supplementary Service Data) which is a protocol used by GSM-based mobile phones to communicate with Airtel’s servers. It works on the same principle as when you send an SMS request to book, say, your LPG gas