Airtel Payments Bank records 1 billion transactions in Q2 FY22: Report

The company has annualised revenues of over Rs 1,000 crore, the bank turned profitable in the September quarter. 

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Gurgaon Headquartered Bharti Airtel’s subsidiary Airtel Payments Bank clocked one billion transactions volume milestone on its platform during September quarter FY 2021-22.

For Airtel Payments Bank, the growth in the volume of transactions has been the focal point for the company during the pandemic as customer-preferred digital payments more. The Bank’s digital-first model and distribution of over 8,00,000 merchants gave the ability the company to scale up its operations rapidly.

The growth has been driven by UPI based payments, FASTag, Bill and Utility Payments and Mobile and DTH recharge as well as another host of retail solutions, said the report. The company’s recent Rewards123 programme helped them to scale its market reach and customers.

“Airtel Payments Bank is able to offer its solutions to both the urban and the rural households and the rural underbanked customer. Our products are user-need focused and well designed to bring millions of users into the ambit of digital inclusion”, said Anubrata Biswas, CEO of Airtel Payments Bank.

It is one of the fastest-growing digital payments banks with over 115 million customers across the country and has more than 8 million merchants on its platform. The bank is also one of the top five issuers of FASTag and processors for Bill and Utility payments for the Bharat Bill pay System.