Airtel Payments Bank crossed the 1 billion transaction mark on its platform in the September 2021-2022 quarter, according to sources.
This represents approximately 61% year-over-year growth in transaction volume per quarter, underscoring the bank’s digital model and the distribution of over 5,000,000 bank points that give it the ability to scale rapidly. .
For Airtel Payments Bank, transaction volume growth was sustained after the big pivot amid the pandemic as customer preference for digital payments increased, the source said adding that the company recently crossed $ 1 billion. transactions per quarter.
Growth was driven by the adoption of its diverse digital product offerings, UPI-based payments, FASTag, bill and utility payments, and mobile top-ups and DTH as well as its retail solution set. , added the source.
When contacted, Anubrata Biswas, CEO of Airtel Payments Bank, told PTI: âAirtel Payments Bank is able to offer its solutions to urban and rural underbanked digital customers. Our products are user-driven and designed to attract millions of users within the scope of digital banking. “
Its digital banking solutions allow users to open a bank account in five minutes using KYC video, make secure payments using Safe Pay and get benefits with the “Rewards123” program. .
Airtel Payments Bank is able to offer its solutions to both the urban digital customer and the rural underbanked customer. The products are user-driven and designed to bring millions of users into digital inclusion.
It is one of the fastest growing banks with over 115 million users across the country and over 8 million merchants. The bank is among the top five FASTag issuers and processors for the Bharat bill payment system.
With annualized revenues of over Rs 1,000 crore, the bank became profitable in the September quarter.
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