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Tuesday, August 1, 2017

HPCL Petrol Pumps To Act As Banking Points For Airtel Payments Bank

Airtel Payments Bank, India's first payments bank, has announced a strategic partnership with fuel retailer Hindustan Petroleum Corporation Limited (HPCL).

Under this partnership, HPCL fuel stations will also act as banking points for Airtel Payments Bank and offer facilities such as opening of account, cash deposit and cash withdrawal to the payment bank's customers. "All 14,000 HPCL fuel stations will act as banking points for Airtel Payments Bank.

 All Airtel Payments Bank customers would be able to access a range of convenient banking services at these 14,000 fuel stations e.g., open new accounts, make cash deposits and withdrawals facility, and transfer money," Airtel Payments Bank said in a statement.

This will help expand the reach of Airtel Payments Bank's retail-based network that leverages over 3 lakh Airtel retail outlets as banking points, it added.

Airtel Payments Bank customers will also be able to make digital payments for fuel purchases across 14,000 HPCL fuel stations by using their mobile phones.

These cashless payments can be made via smartphones (MyAirtel App) as well as feature phones (USSD), Airtel Payments Bank said, adding that the customer is not charged any transaction fee for these digital payments.

Shashi Arora, MD and CEO, Airtel Payments Bank, said: "We are, in particular, pleased to have these fuel outlets as our banking points. We are confident that this partnership will add to the growth of digital payments in the country and contribute to the Government's Digital India vision."

GSV Prasad, executive director-retail at HPCL, said: "We are pleased to join hands with Airtel Payments Bank to promote digital payments in the country and contribute to the government's digital India endeavor. Customer visiting our outlets will now be able to pay seamlessly for fuel purchases and will also be able to enjoy the added convenience of banking with Airtel Payments Bank. We are confident our customers will benefit significantly with this unique association.

Airtel Payments Bank's range of services include 
  • Digital Banking: Paperless account opening using Aadhaar based e-KYC
  • The customer's mobile number will be his/her bank account number
  • Interest rate of 7.25 per cent per annum on deposits in savings accounts
  • Money transfer to any bank account in India (free money transfer from Airtel-to-Airtel numbers within Airtel Payments Bank)
  • Free personal accidental insurance of Rs. 1 lakh with every savings Account
  • Deposit and withdrawal facility across a wide network of Airtel retail outlets

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