Airtel Payments Bank announced the integration of its digital payment system with the Unified Payments Interface (UPI). Through this integration, customers can now make secure payments on online and offline platforms. Airtel Payments Bank, with this move, has become the first payments bank in India to integrate with the UPI.
Customers of Airtel Payments Bank can now create their digital handles in UPI and make transactions through this platform. Airtel customers can also link their bank accounts with the UPI app Bhim and conduct transactions in the digital space. All UPI transactions can be done using the custom handles created by customers, and it is not necessary to provide bank details. Moreover, Airtel’s MyAirtel app will allow customers to scan UPI QR codes to make digital payments to merchants.
Airtel launched its payment bank in January 2017 to provide digital payment service for its customers. This savings account is available to anyone who has an Airtel mobile number. Opening a savings account is almost instant with the help of Airtel’s mobile app. Airtel currently has about 20 million customers in its payment bank. These customers can now enjoy the benefits of UPI to make digital payments. In addition to making digital payments, customers can also transfer money to their friends and family members through the payments bank.
UPI is a government-backed initiative that is owned by the National Payments Corporation of India. The UPI system enables transactions between two bank accounts on a mobile platform. Moreover, the Reserve Bank of India has regulated this payment system for India. With the government’s aim to transform India into a cashless economy, various service providers are looking forward to enter the digital payments space and capitalize on the ongoing demand.