Airtel Payments Bank surpasses 1 bn transactions mark in Q2

Airtel Payments Bank crossed one billion transactions volume milestone on its platform during September quarter 2021-22, according to sources. This represents about 61 per cent year-on-year growth in transaction volume per quarter, underlining the bank's digital-first model and distribution of over 5,00,000 banking points that give it the ability to scale up rapidly.

For Airtel Payments Bank, the growth in transactions volume has been sustained following the big pivot amid the pandemic as customer preference for digital payments surged, the source said adding that the company recently crossed one billion transactions per quarter mark.

The growth has been driven by uptake for its diversified digital product offerings – UPI-based payments, FASTag, bill and utility payments, and mobile and DTH recharge as well as its set of retail solutions, the source added.

When contacted, Anubrata Biswas, CEO of Airtel Payments Bank told PTI, ''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' program.

Airtel Payments Bank is able to offer its solutions to both the urban digital and the rural underbanked customer. 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.