Airtel Payments Bank exceeded the one billion transactions volume mark on its platform during the September quarter of FY 22.
This represents a 61% increase in transaction volume per quarter, highlighting the bank's digital-first model and the distribution of more than 5 lakh banking points that give it the ability to expand quickly.
A source told PTI that the company recently exceeded the one billion transactions per quarter mark after the big pivot in the COVID- 19 pandemic and the rise in transactions volume for Airtel Payments Bank.
The growth has been boosted by the uptake of UPI-based payments, FASTag, bill and utility payments, mobile and DTH recharges, as well as its set of retail solutions, according to the source.
Anubrata Biswas, CEO of Airtel Payments Bank, told the news agency that Airtel Payments Bank is able to offer solutions for both urban digital and rural underbanked customers. Our products are user-need focused and designed to bring millions of users into the ambit of digital banking. Its digital banking solutions allow users to open a bank account in five minutes using video KYC, make secure payments using Safe Pay and get benefits with the 'Rewards 123' programme.
The products are user-need and designed to bring millions of users into the ambit of digital inclusion.
It is one of the fastest-growing banks with over 115 million users across the country and more than 8 million merchants.
The bank is one of the five issuers of FASTag and processors for the Bharat Bill Payment System.
The bank turned profitable in the September quarter, with revenues of over 1,000 crore.