India’s communications solutions provider Bharti Airtel on Monday (March 7) partnered with Axis Bank to “strengthen the growth of India’s digital ecosystem through a range of financial solutions,” according to an Airtel press release.
In a bid to accelerate adoption of digital payments in the country, over the coming months, Airtel and Axis Bank will bring to market a range of financial products and digital services — including a co-branded credit card and buy now, pay later (BNPL) offerings — and roll them out to Airtel’s 340 million-plus customers.
The partners debuted the Airtel Axis Bank Credit Card, which features cash back capabilities, discounts, digital vouchers and free services to Airtel customers.
Per the release, the card will offer 25% cash back on Airtel Mobile/DTH recharges, Airtel Black and Airtel Xstream Fiber payments; 10% cash back on electricity, gas and water bill payments via Airtel Thanks app; 10% cash back on spends with preferred merchants including BigBasket, Swiggy and Zomato; and 1% cash back on all other spends.
Customers will also get an Amazon eVoucher INR 500 when they activate their cards.
“Through this win-win telco-bank partnership, Airtel customers will get access to Axis Bank’s world-class financial services portfolio and exclusive benefits, while Axis Bank will benefit from Airtel’s strong digital capabilities and deep distribution reach,” Gopal Vittal, CEO and managing director, India and South Asia, Bharti Airtel, said in the release.
Axis Bank customers will have access to Airtel’s suite of digital services, including its C-PaaS platform, Airtel IQ, which includes voice, messaging, video, streaming, call masking and virtual contact center solutions.
“This one-of-a-kind collaboration will help widen the access to credit and various digital financial offerings from Axis Bank for Airtel’s 340 million customers,” Axis Bank CEO and Managing Director Amitabh Chaudhry said in the release. “We will leverage Airtel’s widespread reach and services ranging from mobility and DTH to utility bill payments offering our customers the opportunity to maximize value, while also aiding the digital economy exponentially.”
Related: Google Investing $1B in India’s Bharti Airtel
In January, Google announced it will invest up to $1 billion as part of a long-term partnership with Airtel to boost the country’s digital ecosystem. The investment includes a $700 million equity investment in the company and up to $300 million for commercial services.
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