Airtel Payments Bank crosses 1 billion transaction mark in Q2 FY22: Report

This represents a nearly 61 per cent year-on-year growth in transaction volume underpinning the bank’s digital-first model and distribution of over 5,00,000 banking points that give it the potential to grow rapidly.

For Airtel Payments Bank, the growth in transaction volume remains post-major pivot amid the pandemic as customer preference for digital payments has increased, the source said, adding that the company recently crossed one billion transactions per quarter. have done it.

The source said the growth has been further fueled by its diverse digital product offerings – UPI based payments, FASTag, bill and utility payments, and mobile and DTH recharge as well as its set of retail solutions.

When contacted, Anubrata Biswas, CEO, Airtel Payments Bank told PTI, “Airtel Payments Bank has been able to offer its solutions for both urban digital and rural customers. Our products are user-need centric and cater to millions of users. are designed to bring to the realm of digital banking.”

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Its digital banking solutions allow users to open a bank account in five minutes using video KYC, make secure payments using SecurePay and receive benefits with the ‘Rewards123’ program.

Airtel Payments Bank is able to offer its solutions for both urban digital and rural customers. The products are user-need focused and designed to bring millions of users within the ambit of digital inclusion.

It is one of the fastest growing banks with over 115 million users and over 8 million merchants across the country. The Bank is one of the top five issuers of FASTag and processor for Bharat Bill Payment System.

with annual revenue of more than 1,000 crore, the bank turned profitable in the September quarter.