Airtel Payments Bank has unveiled the introduction of its Business Solution Suite, which aims to transform the banking and payment experience for its merchant partners across India. The suite integrates banking and payment capabilities into a single, unified platform, providing merchant partners with unsurpassed ease and efficiency.
The Business Banking Solution Suite combines the benefits of Airtel Payments Bank’s current account with the ability to receive payments via QR code and audible payment confirmation via Soundbox, all packaged within a plan that includes complimentary insurance benefits. Furthermore, the suite enables merchants to apply for loans from the bank’s partners.
Airtel Payments Bank has launched Soundbox, which intends to provide smooth audio notifications for every client transaction via QR codes at merchant stores. Merchants will be able to personalise their experience by picking from a variety of payment confirmation languages. Currently, the Soundbox only supports Hindi and English, with nine additional language options set to be added soon. The bank provides doorstep installation of this innovative Soundbox, as well as a free replacement within 12 months if the hardware fails.
The Soundbox is part of a one-of-a-kind package that includes comprehensive insurance coverage to provide merchants with financial protection in the event of accidents, hospitalisation, or unforeseen damage to their stores. Merchants are free to select any two insurance plans of their choice, each valid for one year.
The proposition allows merchants to apply for loans digitally using the Airtel Payments Bank’s business app. The bank has formed alliances with lenders to provide smooth access to a range of business, personal and gold loans through these partners. Merchants can apply for loans online for loan amounts ranging from Rs 10,000 to Rs 10,00,000, depending on the loan type, and the loan provider will notify them of their eligibility evaluations.
Speaking in this regard, Anubrata Biswas, Founder, MD and CEO, Airtel Payments Bank, said, “We are delighted to launch this Business Solution Suite — an innovative, differentiated and relevant offering designed to address the banking and payment needs of our merchant partners. The solution stands apart in the industry for being user-need-focussed, developed after extensive research, and designed to encourage the adoption of digital banking among small and mid-sized merchants. Its introduction underscores our commitment to drive the vision of a digital India.”