Airtel Payments Bank (APB) has partnered with Axis Bank, the third-largest private sector bank in India, to digitise the cash collection system in the country’s tier III cities and semi-urban regions.

Airtel Payments Bank will leverage the extensive reach of its digital-led neighbourhood banking model to support Axis Bank with the digitisation of last-mile cash collections and would also speed up the payment cycle while aiding in releasing the bandwidth of field agents who operate across the country, the companies said in a joint statement on Wednesday.

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“We are delighted to join hands with Axis Bank to digitise last-mile cash collection. Our collection management services reduce the challenges of managing physical cash and mitigate the risk of cash in transit by digitising the entire chain. This brings in huge operational efficiencies for our partner and their customers,” said Gaurav Seth, chief finance officer and head of institutional business, Airtel Payments Bank.

“This partnership with Airtel Payment Bank is yet another step towards embracing digitisation, offering greater convenience and faster solutions to our vast customer base in the semi-rural regions of the country,” Munish Sharda, group executive and head – Bharat banking, Axis Bank said.