For all those who think that Airtel is THE most novel & cutting edge mCommerce technology in the MARKET; sorry for the disappointment but its not. Its not even the first to bring such an idea to India. So the question is, why Airtel Money (AM)?
Well, the the answer is simple and is a mix of a few things.
- The bleeding telecom sector needs a life and lifelines to unravel the new ways to make money.
- There are lot of players in the market, so why not Airtel! And most importantly
- With the high penetration of mobile phones pan-India and the technological advancements in the handset industry (will talk about it later), mCommerce is all set to pave the path for a all new experience for users.
All the said, lets take a slightly deeper dive to understand the nuts & bolts of this cool sounding product!
What is Airtel Money?
Simply put, think of Airtel money as your e-wallet. Like you put cash in your wallet, you will need to put money in 'Airtel Money'. This can be done by using your debit/credit card (VISA/MC for now) or through Net Banking.
How to get it?
Once you have registered, you can pretty much start using the service by dialing the USSD *400# which provides an instant menu on what you can do with the money. For certain features like money transfer to your peers (using AM account of course) you need a power account (costs 50 bucks)
How/What to use Airtel money for?
As AM is still new and maturing, the services are currently limited to money transfer, buying movie tickets, paying bills, cellphone recharges etc.
Is that it?
Hmm, yes for now. But with time, be ready for more things to happen with a few buttons(or touches) on your cellphone.
What's in for Airtel?
Now we are talking. Why would a telecom giant invest in a new product. Thats right - profit! How but?
You are right again, Airtel charges a slice of money for your payments to make money.
Is my money safe?
Conceptually yes! As I said, once you lose your mobile, you just lose your mobile. AM is a combination of what you have and what you know. Since every transaction requires a mPin, the dual factor authentication can still keep your money safe!
Also since the service is based on USSD, you are in safe 'signals'
Isn't it more complicated?
After the last point, you might think why have another layer in the middle. Add money to phone to pay for movie ticket when you can pay using your credit card. And so isn't it more complicated?
To an extent and as of now, yes, a bit of an extra step. But think about a few things:
- Your 'mobile' is the THE most 'mobile' device you may have.
- Eventually you may just carry your mobile for all payments & shopping.
- Works even when you don't have electricity/internet or a PC with you
- If you lose your mobile, you only lose the mobile, not your money (read more below).
- You pay a share, but a small price that you pay for something that could offer so much, its peanuts; and you wouldn't mind it if the experience is priceless!
- Its (or can be) REALLY FAST!
Anyone 'else' there?
So I said, nothing new. Oxicash has been in India for a while. As I write, Vodafone is finalizing the dates and strategy for marketing their own platform in India, head to head with AM! Around the world, there are many more for reasons I already mentioned earlier.
What lies ahead?
Well, sky may not be the limit! Picture this.
- You went to shop without any wallet and only with your cellphone. At the POS, (please forget your wallet) you just use bring your cell close to a contact-less receiver and you are done!
- Or think about your wife who went to shop (I know this is a really lethal thought) while you are at work; finds you already gave her 10K for it.
Eventually your bank, your debit and credit cards are linked to AM. You an even specify the default card to pay from. With NFC prices falling to <$10 and handset manufacturers bundling it in all new models, this might be all happening soon!
Do I really need it?
The answer is 'you decide'! That said, with the way things are poised, you might eventually say 'YES'!!!
The only I want to ask is why not a mobile app for AM!?
Well, the the answer is simple and is a mix of a few things.
- The bleeding telecom sector needs a life and lifelines to unravel the new ways to make money.
- There are lot of players in the market, so why not Airtel! And most importantly
- With the high penetration of mobile phones pan-India and the technological advancements in the handset industry (will talk about it later), mCommerce is all set to pave the path for a all new experience for users.
All the said, lets take a slightly deeper dive to understand the nuts & bolts of this cool sounding product!
What is Airtel Money?
Simply put, think of Airtel money as your e-wallet. Like you put cash in your wallet, you will need to put money in 'Airtel Money'. This can be done by using your debit/credit card (VISA/MC for now) or through Net Banking.
How to get it?
Once you have registered, you can pretty much start using the service by dialing the USSD *400# which provides an instant menu on what you can do with the money. For certain features like money transfer to your peers (using AM account of course) you need a power account (costs 50 bucks)
How/What to use Airtel money for?
As AM is still new and maturing, the services are currently limited to money transfer, buying movie tickets, paying bills, cellphone recharges etc.
Is that it?
Hmm, yes for now. But with time, be ready for more things to happen with a few buttons(or touches) on your cellphone.
What's in for Airtel?
Now we are talking. Why would a telecom giant invest in a new product. Thats right - profit! How but?
You are right again, Airtel charges a slice of money for your payments to make money.
Is my money safe?
Conceptually yes! As I said, once you lose your mobile, you just lose your mobile. AM is a combination of what you have and what you know. Since every transaction requires a mPin, the dual factor authentication can still keep your money safe!
Also since the service is based on USSD, you are in safe 'signals'
Isn't it more complicated?
After the last point, you might think why have another layer in the middle. Add money to phone to pay for movie ticket when you can pay using your credit card. And so isn't it more complicated?
To an extent and as of now, yes, a bit of an extra step. But think about a few things:
- Your 'mobile' is the THE most 'mobile' device you may have.
- Eventually you may just carry your mobile for all payments & shopping.
- Works even when you don't have electricity/internet or a PC with you
- If you lose your mobile, you only lose the mobile, not your money (read more below).
- You pay a share, but a small price that you pay for something that could offer so much, its peanuts; and you wouldn't mind it if the experience is priceless!
- Its (or can be) REALLY FAST!
Anyone 'else' there?
So I said, nothing new. Oxicash has been in India for a while. As I write, Vodafone is finalizing the dates and strategy for marketing their own platform in India, head to head with AM! Around the world, there are many more for reasons I already mentioned earlier.
Well, sky may not be the limit! Picture this.
- You went to shop without any wallet and only with your cellphone. At the POS, (please forget your wallet) you just use bring your cell close to a contact-less receiver and you are done!
- Or think about your wife who went to shop (I know this is a really lethal thought) while you are at work; finds you already gave her 10K for it.
Eventually your bank, your debit and credit cards are linked to AM. You an even specify the default card to pay from. With NFC prices falling to <$10 and handset manufacturers bundling it in all new models, this might be all happening soon!
Do I really need it?
The answer is 'you decide'! That said, with the way things are poised, you might eventually say 'YES'!!!
The only I want to ask is why not a mobile app for AM!?
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