Bharti Airtel’s subsidiary, Airtel m-commerce services and Axis bank partnered to provide banking and payment services to India’s sub-urban and rural population.
"According to estimates, nearly 43 percent of our country's population does not have bank accounts and continues to rely on cash for majority of transactions as well as payments," said Sanjay Kapoor, chief executive officer (India and South Asia), Bharti Airtel.
The new services will allow the customers to enjoy their money transactions like sending, withdrawal, safe deposits etc. and services like. Micro-recurring deposits, small loans and micro-insurance products through their mobile device, acting as a no-frills bank account service.
Infosys, the IT giant, will service as the Technology Innovation partner.