Airtel Payments Bank has crossed the milestone of surpassing a total of 1 billion transactions volume during the September quarter of 2021-22. The numbers mean that Airtel has grown 61% on year-on-year growth in transaction volume per quarter. The ability to grow at such large scale in such a small period of time can be credited to the bank’s digital-first model and distribution of over 5,00,000 banking points. The growth in transaction volume can be also attributed to the turning point that came because of the pandemic as more and more customers switched to digital modes of payments.
The Reason Behind Growth of the Bank
The development of the transaction volume comes from the number of digital products that are offered by Airtel including UPI based payments, FASTag, bill and utility payments, mobile recharge and DTH recharges and its set of retail solutions. According to a report from PTI, the CEO of Airtel Payments Bank, Anubrata Biswas has said in a statement that the Airtel Payments Bank offers its services to both urban digital and rural underbanked customers. He added that products under Airtel Payments Bank are designed to bring millions of users under the compass of digital banking.
Airtel Payments Bank offers a ton of services that are designed to make the job easier for the customers. The digital banking solutions offered by it allows the users to open up a bank account in mere five minutes using the process of video KYC. Moreover, users get to make secure payments using Safe Pay and also get a lot of benefits thanks to its ‘Rewards123’ program. It happens to be one of the most rapidly growing brands with over 115 million active users and over 8 million merchants across the country. The bank became profitable in the September quarter of 2021-2022 with annual revenues of Rs 1000 crore. In addition to this, the bank is also among the key five issuers of FASTag and processors for the Bharat Bill Payment System.
