Airtel Money, the mobile wallet from the successful and popular telecom company Airtel, allows you to use your smartphone as an electronic wallet to make and receive payments. Originally launched in 2012, the app offers customers with an efficient alternative to cash transactions. The Airtel Money app provides people across the country an adept and convenient way of paying bills through various ubiquitous mobile platforms such as Android, iOS and Windows.
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 used to transfer money between people for various purposes.
The Reserve Bank of India gave Airtel the license to offer semi-closed wallets in 2010. Launched initially for Gurgaon, Airtel Money was the first-time foray of the telecom operator to launch a digital wallet. In these early days, 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 apps.