Airtel Payments Bank Q3 revenue up by 47% to Rs. 469 Crore

Telugu super news,India,Febuary 9,2024: Airtel Payments Bank, India’s only profitable multi-segment fintech operating at scale with a banking license, today announced its consolidated results for the third quarter ended December 31, 2023.

The Bank continued to witness a strong growth trajectory with revenues at Rs. 469 crore, up by 47% YoY, while net profit stood at Rs. 11 crore, up by 120% YoY. The Bank’s Monthly Transacting Users (MTU) grew to 59 million giving a boost to customer deposits, which grew by 50% YoY to Rs. 2,339 crore during the quarter. The Bank’s annualised Gross Merchandise Value (GMV) stood at over INR 2,628 bn. The Bank also witnessed an increase in uptick in fee income, driven by newly launched products including debit card and savings bank account.

Commenting on the results, Anubrata Biswas, MD and CEO of Airtel Payments Bank said, “We have delivered yet another quarter of consistent and competitive growth backed by a surge in customer demand for our safe digital products including savings bank account, debit card and other offerings including FASTag. Compliance continues to be the bedrock of everything we do as a bank, and we are confident that this will help us stay on course to be India’s only profitable fintech”

With Safety being a prime concern in this digital world, customers have found the Bank’s safest digital account offering beneficial, with a higher number of customers using it as their secondary account for daily and monthly payments. Airtel Payments Bank continues to register healthy demand for its digital offerings and customised account plans.

Airtel Payments Bank has three clear segments in which they serve customers across geographies – the Urban Digital, the Rural Underbanked, and Industries & Businesses. They offer complete end-to-end digital banking solutions along with a bouquet of digital financial services – insurance, lending, and investment solutions. Airtel Payments Bank now processes over 7 billion annualised transactions across its platforms, making it the fastest-growing digital bank. The Bank is solving the problem of access by taking banking to the deep rural pockets of the country with the largest retail-banking network of 500,000 neighbourhood-banking points. Today, Airtel Payments Bank is also the largest micro cash player in the country, with more than 3,000 corporate partners. Here, the Bank is in a rare space of solving for last-mile cash digitization by utilizing its distribution and technology.

Airtel Payments Bank Launches Micro ATMs to facilitate easy cash withdrawal

Airtel Payments Bank Launches Micro ATMs to facilitate easy cash withdrawal

Airtel Payments Bank announced the launch of Micro ATMs – a step towards better facilitating convenient cash withdrawals for debit card users residing beyond the metro and tier 1 cities in India. 

The Bank will leverage its strong network of over 500,000 banking points across India to give users access to easy cash withdrawals through this initiative. To facilitate the Micro ATM transactions, Airtel Payments Bank is now integrated with the National Payments Corporation of India’s(NPCI) –  National Financial Switch (NFS).

Customers associated with any bank will now be able to use the Micro ATM facility at the neighbourhood banking point of Airtel Payments Bank. They can now make instant cash withdrawals and check their account balance using their debit card of any bank at the designated banking point. A customer can withdraw up to INR 10,000 per transaction through the Micro ATMs.

Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said, “We are committed to building a financially inclusive India by making banking services accessible to all. The launch of Micro ATMs is one more step by us to empower customers residing in the rural pockets of the country. It is the first device launched by the Bank, and we are truly excited, as it allows us to service customers of any bank who use a debit card. Micro ATM is an important addition to our existing bouquet of differentiated services.”

Praveena Rai, COO, NPCI said, “The launch of Micro ATMs by Airtel Payments Bank through integration with our NFS willenableeasy Micro ATM access for debit card users residing beyond larger metros and cities. This is an important development asit will further the country’s greater goal of financial inclusion. The strong standards for application and network-uptimeheld by NFS have enabled our member banks to provide better consumer experiences.”

Micro ATMs will be rolled out in a phased manner. Initially, the bank will place 150,000 units in Tier II cities and semi-urban regions. These regions typically have a high demand for cash withdrawal services but limited access to ATMs. 

Here is how a customer can withdraw the cash: 

  1. Banking Correspondents (BCs) will initiate the transaction by entering the withdrawal amount.
  2. The customer will then insert their debit card into the device and enter the PIN to confirm the transaction.
  3. The BC will authorize the transaction by entering their MPIN to complete the transaction.

On a successful transaction, the BC will give the cash to the customer.