Airtel, Bajaj Finance have partnered to create a fintech platform
What's the story
Telecom giant Bharti Airtel and India's leading private non-banking financial company (NBFC) Bajaj Finance have entered into a strategic alliance.
The aim of the partnership is to create one of the country's biggest digital platforms for financial services. Both companies revealed the news via separate exchange filings today.
Airtel will first showcase Bajaj Finance's financial products on its Airtel Thanks App, followed by its stores nationwide.
Strategic goals
Partnership aims to deepen financial product penetration
The Airtel-Bajaj Finance collaboration seeks to utilize their combined digital assets, to expand the reach of financial products/services.
Both companies have pledged data privacy and security, seamless customer service, as well as regulatory compliance.
The partnership combines Airtel's 370 million strong customer base and distribution network of over 12 lakh outlets, with Bajaj Finance's diversified 27 product lines spread across 5,000+ branches and 70,000 field agents.
Leadership views
Leaders express optimism about the strategic alliance
Bharti Airtel's Vice Chairman and MD Gopal Vittal was confident about the partnership's potential.
He said the combined reach, scale, as well as distribution strength of both companies would be the cornerstone of this alliance.
Bajaj Finance's Managing Director Rajeev Jain echoed the sentiments. He said their collaboration with Airtel leverages the country's digital infrastructure for inclusive growth, and combines the expertise and reach of two leading brands.
Product integration
Airtel to offer Bajaj Finance's products on its app
As of now, two Bajaj Finance products have been integrated into the Airtel Thanks app. By March, four more will be available on the app.
These include a business loan, a gold loan, a co-branded Insta EMI card, and a personal loan.
Airtel plans to feature nearly 10 financial products from Bajaj Finance within this year.
Card benefits
Co-branded EMI card to offer flexible payment options
Airtel customers can apply for the Airtel-Bajaj Finserv Insta EMI card through the Airtel Thanks app and later through its countrywide network of stores.
This co-branded card gives access to a variety of offers available to Bajaj Finance customers.
Users shall get flexible EMI options and payment plans for buying a range of products, including electronics, furniture, and groceries at more than 1.5 lakh partner stores across 4,000+ cities.