Bharti Airtel took another step into mobile payments by appointing Manish Khera, the founder of Indian payments firm YTS Solutions, as CEO of Airtel M Commerce Services (AMSL).
In addition, AMSL is acquiring YTS Solutions, which offers so called micro banking services targeted at the country’s mass market, for an undisclosed sum.
AMSL has plans to become a major player in India’s payments market. At the start of the year it applied for one of the country’s payment bank licences. This new type of licence is awarded by the Indian government to operators and other players targeting users not reached by conventional banks.
In addition, the Airtel Money service was launched in 2011 and was the first mobile-based, prepaid payment instrument service in the country.
Khera will be part of the Airtel Management Board and report to Gopal Vittal, MD & CEO of Bharti Airtel (India & South Asia).
“I am delighted to announce that Manish Khera will join AMSL as chief executive officer. A trend-setter in the domain areas of financial inclusion, payments & banking, Manish combines the spirit of entrepreneurship with a passion for technology and commitment to serve millions,” said Vittal.