Bharti Airtel has struck a joint venture deal with private sector lender Axis Bank for providing mobile banking services to its customers. The new service will give a platform to Airtel users to open and operate a hassle free account with Axis Bank through their phones.
Airtel hopes to strengthen its mCommerce offering, which it recently launched. In the initial phase remittance and savings would be launched in a limited area, with Delhi and Mumbai as remitter, and Bihar and eastern UP as remittee.
Later on the services might be extended pan-India.
"According to estimates, nearly 43 per cent of the country's population does not have bank accounts...the 'Airtel money Super Account powered by Axis Bank' acts as a no-frills bank account that comes with remittance capabilities," said Sanjay Kapoor, CEO Bharti Airtel India and South Asia.
Infosys would be the IT partner for the joint venture.