India’s home-grown messaging platform Hike has partnered with Airtel to power its wallet. After this partnership, Hike users will have access to Airtel Payments Bank’s products including merchant and utility payments, KYC infrastructure, said the company in a statement.
Pathik Shah, VP, Product at Hike Messenger said, “We’ve seen tremendous traction on the Wallet over the last few months, most of it being organic. We’re on track for 5M+ transactions this month with only a simple set of services such as Recharge & P2P. As we scale up the number of services on our platform in the coming months, we expect this to grow even faster. In light of the new KYC guidelines, we’re also excited to announced a new partnership with Airtel Payments Bank. This is a great move for our users and it will ensure that they have an uninterrupted service when the new guidelines kick in. We’re excited and we look forward to working with Airtel on supporting this effort to bring more Indians online and enable easy transactional services for them.”
A Ganesh, chief operating officer, Airtel Payments Bank said, “We are delighted to partner with Hike to build a world-class digital payments ecosystem by leveraging our vast reach and digital banking infrastructure. The addition of Hike Wallets to our portfolio will position us as one of the largest digital payments platforms in India.”
Hike launched its based wallet, which is on government-backed unified payments interface (UPI), in June this year in association with Yes Bank.
Airtel Payment bank came six months before that in January 2017 with Airtel mobile number acting as the bank account number. Airtel customers can open accounts using Aadhaar based e-KYC. Users get an annual interest rate of 7.25 % on deposits, and the company will charge 0.65% fees on withdrawals. The maximum limit of deposits is Rs 1 lakh.