Airtel Money

Airtel money was the first mobile wallet in India to receive the payments bank license from RBI. Airtel Money aims to reach the remotest corners of the country to provide the benefit of online banking services to all the citizens of the country especially those who may not be able to access a bank and the financial benefits that come along with it.

Airtel Money is associated with Kotak Mahindra Bank. The customers get the benefit of minimum balance of Rs. 9,000 up to Rs. 99,000 depending upon the KYC provided. The benefits associated with Airtel Money are easy funds transfer, recharge of Mobile plans as well as DTH services, travel bookings, booking movie tickets, insurance premium payments, home insurance, FASTag, utility payments as well as UTI payment portal. Find out all that you need to know about Airtel Money right here.

Features of Airtel Money

Airtel Money is like a virtual bank that enables the customers to get access to a bank account and all the ancillary facilities that a customer can normally enjoy by opening a bank account with a bank.

The features of Airtel Money are mentioned below.

• Operations even without Internet connection

Airtel money provides the users with the opportunity to excess many services after loading the money in their wallet. These services can be accessed even without a steady internet connection. The application works on the USSD technology so the user only has to ensure the phone’s compatibility with the same to access the services offline.

• No need for a bank account

Airtel Money does not require the customers to have a bank account to access the services of the e-wallet. The customers are not mandated to open a bank account that is associated or linked with the e-wallet as is the practice with many other e-wallets in the market. This feature reduces the added burden to open a new bank account or link the same with the application. Also, this further reduces the additional burden of maintaining the minimum balance of the bank account as is the normal practice of the banks

• Faster and comfortable payment process

Airtel money can function without a steady internet connection. The customers can easily send payments to the merchants by simply knowing their Airtel Money number and send the payment so that number. This makes the entire process very simple and hassle free

• Cashbacks and discount offers

Airtel Money provides the customers with many attractive cashback offers as well as discount offers on merchandise of associated merchants. Customers can get many such attractive offers on e-commerce websites as well like Amazon, Flipkart, Snapdeal, etc.

• Secure payment gateway

The account of the customer on Airtel Money is held securely by means of various security measures like encryption, firewalls and more. The payments and the balance held by the customer in the application are held securely and are password protected (mPIN). The money held by the customer is safe even in the event of loss or theft of the phone.

• Deactivation of inactive and non-usage accounts

Airtel money can be held by the customer indefinitely in case of active accounts. However, in case of inactive accounts (the accounts that are not active for a period more than 6 months); such accounts are liable to be deactivated as per the policy of Airtel Money. This ensures that the account is not misused and the customer can reactivate the account through the proper procedure set by Airtel Money after due verification.

Types of Accounts in Airtel Money

Airtel Money provides two types of accounts. The details of the same are mentioned below.

• Express Account

This is the basic type of account assigned to a person upon joining the Airtel Money Wallet. The balance under this type of account is Rs. 20,000. The monthly balance under this type of account is Rs. 20,000.

• Power Account

The Power Account under Airtel Money is the other type of account offered to the customers. This type of account is the upgraded version of the Express Account and the customers get the monthly balance of up to Rs. 1,00,000. The daily maximum balance allowed to the customers is Rs. 50,000.

How to add money to Airtel e-wallet?

The procedure to add funds to the e-wallet of Airtel is very simple. The customers can easily add money to the account using their debit or credit cards or through an internet banking account.

The detailed procedure for the same is mentioned below.

• First step is to download the application from the Playstore and register for the same.
• Next step is to go to the 'Airtel Payment' page or open the 'Airtel App' on your mobile.
• Then the customer will have to click on 'Add Money' and login to the account of the customer using the registered mobile number and the mPIN associated with it.
• After this the customer will have to click on 'Login Securely' to login to your account and then click on 'Add Money'.
• The customer will then be asked to enter the amount to be added to the wallet and confirm the same.
• Next step is to select the mode of payment to add the funds i.e., through Debit Card, Credit Card and Net Banking.
• The customer will have to provide the details of such option selected and the registered mobile number for the same.
• OTP will be sent to the customer on their registered mobile number which has to be submitted to authenticate the addition of funds.
• Customers will be taken to a new screen that will show 'Processing Your Request' on the screen.
• The customer will get the details of the transaction after successful addition of funds to Airtel Money.

Airtel Money KYC Requirements

Airtel Money is the first payments bank of its kind. The customers have to provide their KYC documents as is the case with any other bank. The KYC for the Airtel Wallet is to be provided on the basis of minimum KYC or detailed KYC depending on the wallet balance held by the customer and the limit that they want.

The details of the KYC to be provided are to be provided below.

• Minimum KYC

This is the basic information to be provided at the time of joining the wallet. The basic details of the customer like the name, address, mobile number, email id are to be provided for the basic limit of Rs. 9,000. This KYC is valid for the period of 2 years. Such basic KYC enables the customer to enjoy the benefits of faster payments to the merchants.

• Detailed KYC

The detailed KYC of the customer is required for the extended limit of the Airtel Money account of up to Rs. 99,000. This facility provides the benefit of free transfer of funds between Airtel numbers as well as many attractive offers for online shopping, hotel and travel booking, etc.

Facilities available through Airtel Money

The various facilities available to the customers through Airtel Money are discussed below.

• Recharges

Airtel Money can be used for recharging the prepaid balance on the mobile phone plans as well as making payments for the postpaid bills. The other recharges available through Airtel Money recharge of DTH services. Such facilities can be accessed at any time from anywhere.

• Utility payments

Another important facility available through Airtel Money is the Utility payments like electricity bills, water bills and Gas Bills.

• FASTag

The FASTag on vehicles is a mandatory requirement for all the vehicles as per the new rules of Government of India. Customers can easily reload the FASTag through Airtel Money through a hassle free process.

• UPI payments

Airtel Money also provides the UPI payment portal to the customers. This payment portal can provide additional security and safety of the payments and the funds held in the bank account associated with an UPI address.

• Insurance Premium Payment

Customers can easily make the payment for their insurance premiums through Airtel Money. This provides the benefit of a hassle free process where the customers do not have to wait in long queues to make the timely payment of the premiums.

• Travel

Another benefit of using Airtel Money is the attractive discounts on the associated travel booking websites. Customers can make easy bookings for the travel plans and enjoy the maximum benefits for the same.

• Home Insurance

Customers also get the benefit of Home insurance through Airtel Money. Customers get the benefits of 2 plans that they can choose from at premiums of Rs. 200 or Rs. 500 as the case may be.

FAQs on Airtel Money