A year after it test launched its services in Gurgaon, Airtel Money has finally gone national. We have been seeing Point-of-Purchase (POP) communication at Airtel retailers advertising the launch of Airtel Money.
Airtel Money is a “semi-closed wallet” service. A semi-closed wallet is a prepaid payment instrument that is redeemable at declared merchants who have an agreement with Airtel. These instruments do not permit cash withdrawal or redemption.
In other words, Airtel Money is an account on the mobile phone. You can now deposit money (called loading cash) on to your Airtel Money account and use this balance to pay for various products & services through a simple menu on your phone.
Airtel Money allows customers to open two types of accounts; an Express Account and a Power Account. The Express Account can be opened immediately and has a limit of Rs 10,000. The Express Account can be used to pay for utilities or for purchasing travel.
The second type of account, the Power Account, has a limit of Rs 50,000. It allows you to send cash via the phone or bank and also to spend in merchant establishments. Airtel is aiming at working out discounts with merchants for its customers. To open a Power Account, a detailed KYC is needed as per RBI rules.
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