Airtel Payments Bank Breaks Even After 55 Months of Launching

As per Anubrata Biswas, Chief Executive Officer of Airtel Payments Bank, the company has finally turned profitable after 55 months of business. As per the CEO, the start of the year 2020 was tough for the company with the COVID restrictions and lockdown, but the need for nearby banking and online payments solutions has driven the growth for Airtel Payments Bank.

Highlights

  • Gopal Vittal had hinted about the profits of the company before
  • Airtel Payments Bank is doubling every 18 months
  • The company has a merchant base of over 7 million

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Airtel Payments Bank

Bharti Airtel is one other company that can be said to be faring well in the Indian telecom industry apart from Reliance Jio. The telecom operator, besides having a reliance telecom business on the consumer front, has other services that it offers. Bharti Airtel’s business arm is another feather on the cap, and now it seems that Airtel Payments Bank has joined the same category. As per Anubrata Biswas, Chief Executive Officer of Airtel Payments Bank, the company has finally turned profitable after 55 months of business. As per the CEO, the start of the year 2020 was tough for the company with the COVID restrictions and lockdown, but the need for nearby banking and online payments solutions has driven the growth for Airtel Payments Bank.

Airtel Payments Bank Doubling Every 18 Months

As per Biswas, this event marks a “cherished milestone” in the life of the company as it has been a much-awaited day. In the last few years, he remarked that Airtel Payments Bank has been growing rapidly and doubling every 18 months. He also added that the company is a significant player when it comes to digital and financial inclusion in the country. As per the PTI report on the matter, Biswas remarked the words to his employees. He said that even though it has been a challenging aim for the team of Airtel Payments Bank, they have been relentless at it. Further, he added that the need for secure digital payments and neighbourhood banking requirements during the lockdown helped Airtel Payments Bank was able to accelerate easily.

Bharti Airtel to Integrate Payments Bank Services

Recently, Bharti Airtel, CEO, Gopal Vittal had said that Airtel Payments Bank boasts of having 30 million users in addition to an annualised GMV of over Rs 1,00,000 crores, and a merchant base of over seven million. Vittal, at the time, had said that Airtel Payments Bank was on the verge of hitting a 1000 crore annualised revenue run rate. He had also announced plans of integrating the Airtel Payments Bank services with the rest of the Bharti Airtel digital channels which would allow it to collect payment for any kind of service, on PoS online or offline.

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Junior Editor

Arpit spends his day closely following the telecom and tech industry. A music connoisseur and a night owl, he also takes a deep interest in the Indian technology start-up scene and spends rest of his time spilling poetry and stories on paper.

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