Airtel Payments Bank Deposits Grew by 50% Over Last Year

Airtel Payments Bank has seen a growth in deposits by over 50 per cent over the last one year. The Bank has many firsts to its credit, and to make onboarding easy for customers, Airtel Payments Bank has introduced Face Authentication-based e-KYC, a First in India.

Highlights

  • Airtel Payments Bank has hit a revenue run-rate of about Rs 1300 Crores.
  • Airtel Payments Bank has recently launched its BizKhata current account for small business owners.
  • MeitY, Government of India, has awarded Airtel Payments Bank with DigiDhan Award.

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Airtel Payments Bank Deposits Grew by 50% Over Last Year

Airtel Payments Bank, the only profitable multi-segment fintech in India with a banking license, provides a variety of simple, secure, and accessible banking solutions through a vast network of 500,000 banking points across the nation and its digital platforms. The Bank has many firsts to its credit, and to make onboarding easy for customers, Airtel Payments Bank has introduced Face Authentication-based e-KYC, a First in India.




Also Read: Airtel Payments Bank: Here’s What You Can Seamlessly Do With Your Account

Airtel Payments Bank Growth

Airtel Payments Bank has seen a growth in deposits by over 50 per cent over the last one year.

During his recent Q3FY23 earnings call with Analysts, Gopal Vittal, Managing Director and Chief Executive Officer of Bharti Airtel, said: Our Payments Bank customer deposits grew by 50% over last year. We have hit a revenue run-rate of about Rs 1300 Crores."

"Gopal also said Airtel Payments Bank is gaining momentum and appears to be entering a positive cycle that will help Airtel telco business reduce churn."

Airtel customers can enjoy RewardsMini benefits when users transact digitally using Airtel Payments Bank account or Wallet. Bharti Airtel is offering Airtel RewardsMini Subscription benefits on Rs 719, Rs 839 and Rs 999 Prepaid recharges. In addition, Airtel Payments Bank has earlier introduced WhatsApp Banking Service for the ease of customers.

Also Read: Airtel RewardsMini Subscription Benefits From Airtel Payments Bank Explained

For the decline in the monthly transacting users in the quarter, Gopal just clarified it as a seasonal dip on account of remittances. "As we look at January, we are already well past the previous quarter. So, the momentum on the Bank will continue," added Gopal.

BizKhata current account

Airtel Payments Bank has recently launched its BizKhata current account, offering unlimited transactions and immediate activation to small merchants and business partners nationwide. With its zero minimum balance current account, Airtel Payments Bank is trying to increase digital transactions and encourage small business owners to have all business transactions in an account, as many small business owners continue using savings accounts for their business.

Also Read: Airtel Payments Bank Users Can Now Top-up Delhi Metro Smart Cards

Recent Developments with Airtel Payments Bank

Delhi Metro and Airtel Payments Bank have partnered to add more comfort and features to the users of Airtel Payments Bank by providing the top-up (recharge) facility of Delhi Metro Smart Cards.

DigiDhan Award

MeitY has awarded Airtel Payments Bank with DigiDhan Award

MeitY, Government of India, has awarded Airtel Payments Bank with DigiDhan Award for onboarding maximum merchants on digital payment modes in aspirational districts in private sector banks. This award is a testimony of the difference Airtel Payments Bank is creating among Merchants and why the Bank has introduced BizKhata current account to cater to small merchants and business partners across the country.

Also Read: Airtel Payments Bank: How to Create a UPI Handle

Airtel Payments Bank's services can be accessed by Airtel customers on their mobile phones through the Airtel Money app, Web based platform, through USSD by dialing *400#, or via a simple IVR by dialing 400.

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