No. Airtel Money works on any mobile model / handset. You do not need GPRS or a data plan. You just have to dial *400# and you will be able to use the menu.
* Some handsets do not support USSD service and you may not be able to use few or all the features of Airtel Money . You are requested to verify the same by dialing *400# before signing up for the service . Few identified handsets ( not limited to ) having this issue are- Nokia Lumia 710 , Nokia Lumia 800 , Samsung Galaxy Ace 2 , Samsung Galaxy Ace(R Series) , Samsung Galaxy Ace S2 , HTC Wildfire, G5,Onion, Lemon, Sigmatel FXD T99i, Elitex 8502 / X6012 / X6011, GTQ 718, SIMTEL Zt 6199, GD 910, Cromozome, Samsung GT – S5360