Airtel Payments Bank today announced that it recorded near about 50 million cash withdrawal transactions through AePS (Aadhaar Enabled Payment Services) platform in FY21. The Bank holds around 7% market share in AePS.
More than 74% of these transactions were processed by Airtel Payments Bank’s neighbourhood banking points located in Tier 5/6 towns. Airtel Payments Bank has India’s largest retail network with 500,000 neighbourhood banking points, and 50% of these banking points are AePS enabled.
During Covid, customers looked for banking services near their home and Airtel Payments Bank kept its service engine running by leveraging its deep retail-based banking network to ensure that financial services are at an arm’s length for millions of Indians. Through the AePS platform, the bank was also able to serve customers of other banks who had an Aadhaar enabled bank account. The Bank registered over 10% growth every quarter in the number of cash withdrawal transactions through AePS in FY21.
Airtel Payments Bank Recently Launched ‘Pay to Contacts’ Feature
To make online transactions even more seamless for the users, Airtel Payments Bank earlier this month introduced the ‘Pay to Contacts’ feature. It will allow the users to conveniently choose a mobile number/contact from their device to whom they want to send money to.
With the arrival of this feature, users won’t have to manually add the UPI ID of the person they are trying to send the money to. They can just select the contact and his/her UPI ID associated with the saved mobile number will appear. This feature is a big time-saver for the users and also allows them to make transactions without any hassle.
Airtel Payments Bank has certainly made the life of the users easier during the time of the pandemic. It allowed users to pay for utility bills online and also enabled one-to-one direct bank account transfers. As more time passes by, the role of Airtel Payments Bank is only going to grow.