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Updated: Airtel Signs Up As Banking Correspondent For Axis Bank; Supports Cash Withdrawals

Updated: The Airtel Money Super Account powered by Axis Bank does support cash withdrawals in all the four regions where it's been launched. We had incorrectly interpreted and mentioned that it only supports withdrawals in UP East and Bihar. We've been hearing about Airtel testing its extended Airtel Money Service with Infosys and being in talks with Banks for Banking Correspondent tie-ups for a long time. The telecom company has announced a partnership with Axis Bank, launching 'Airtel Money Super Account powered by Axis Bank', which will essentially offer no-frills accounts with the Bank on Airtel's mobile platform. Infosys, is the technology partner for the launch and has deployed its WalletEdge and Finacle Digital Commerce solutions. Open wallet: Airtel currently has a prepaid payment system license which allows users to deposit cash into Airtel Money, but they can only use it for payments there after. Because prepaid payment instruments are a closed loop system, they cannot withdraw cash, without a tie-up with a bank. However, this is not exactly an open wallet, and mainly targets the migrant population from Eastern UP and Bihar, as withdrawals will only be possible in the particular regions. So, if a user in Delhi wants to send cash to another user in the same city or in Mumbai, withdrawals would not be possible through Airtel outlets, even if both have an Axis Bank powered no frills account. Airtel Money users can deposit and withdraw money from any of the four locations - Mumbai, Delhi, East UP and Bihar. Also, the service would require users to submit their…

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