Airtel Payments Bank surpassed the one billion transactions volume mark on its platform during the September quarter of FY22. This constitutes around 61% year-on-year (YoY) growth in transaction volume per quarter, highlighting the bank’s digital-first model and distribution of more than 5 lakh banking points that give it the ability to expand swiftly.
For Airtel Payments Bank, the rise in transaction volume has been steady following the big pivot amid the COVID-19 pandemic as customer preference for digital payments increased, a source told PTI, adding that the company recently surpassed the one billion transactions per quarter mark.
The growth has been impelled by uptake for its diversified digital product offerings UPI-based payments, FASTag, bill and utility payments, and mobile and DTH recharges as well as its set of retail solutions, the source added.
When contacted, Anubrata Biswas, CEO of Airtel Payments Bank told the news agency, “Airtel Payments Bank is able to offer its solutions to both the urban digital and the rural underbanked customer. Our products are user-need focused and designed to bring millions of users in the ambit of digital banking.”
Its digital banking solutions allow users to open a bank account in five minutes using video KYC, make secure payments using Safe Pay and get benefits with the ‘Rewards123’ programme.
Airtel Payments Bank is able to offer its solutions to both the urban digital and the rural underbanked customers. The products are user-need focussed and designed to bring millions of users into the ambit of digital inclusion.
It is among the fastest-growing banks with over 115 million users across the country and more than 8 million merchants.
The bank is among the top five issuers of FASTag and processors for the Bharat Bill Payment System.
With annualized revenues of over Rs 1,000 crore, the bank turned profitable in the September quarter.