Are you looking for a mobile wallet. Subscribers of Airtel can recharge, shop at merchant outlets and make online transactions using their mobile phones. It also allows users to make instant money transfers between one Airtel money wallet to another and to bank accounts across the country.
This is an initiative if successful can bring a mini bank in easy reach of common man who are daily wage workers and do not have time to visit the bank. Airtel claims that Airtel money is India’s first mobile based service to offer such instant money transfers which appears not to be true as already Nokia money is in place. Airtel has executed pilot project at Chennai in May 2011, followed by Delhi in June 2011. More than 7,000+ merchant outlets with in 300 cities across India are being launched. It has also partnered with e-commerce companies such as Flipkart business model , Yatra, and Letsbuy to offer Airtel money as one of the alternative payment modes. This innovative strategy can be a win win situation for both the agencies.
This is a new e-commerce venture on the lines of Nokia Money which has not yet taken off fully due to commission problem with the outlet agencies and we foresee same problem occuring with Airtel Money outlets also.