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 collaborates with the National Payments Corporation of India

Airtel launches ‘World Pass

Telugu super news,New Delhi, May 2nd, 2023: Taking one more step to drive digital and financial inclusion in the country, Airtel Payments Bank collaborated with National Payments Corporation of India (NPCI) to roll out Face Authentication for AePS (Aadhaar-enabled Payment System) at its 500,000 banking points.Airtel Payments Bank is amongst the first four banks to offer Face Authentication for AePS in the country.

NPCI’s AePS allows customers to carry out financial and non-financial transactions at any banking point using their Aadhaar number or virtual ID to access their Aadhaar-linked bank account. Until now, transactions were being authenticated using the customer’s Aadhaar number and fingerprint or Iris match in the UIDAI records. The new facility will enable customers to validate the transaction by undertaking face authentication along with the Aadhaar number. The authentication is processed using the Face Authentication RD Application by the Unique Identification Authority of India (UIDAI).

In the first phase, the facility is made available for non-financial transactions – Balance enquiry and mini-statements – for the Bank’s customers. Soon the Bank will make it available for financial transactions. As per the guidance from NPCI, Airtel Payments Bank will enable the functionality for other bank customers and the Bank’s customers at other banking outlets.

Speaking about the launch Praveena Rai – Chief Operating Officer of NPCIsaid,

“We commend UIDAI for introducing face authentication as an additional mode for Aadhaar-based authentication. It’s delightful to see Airtel Payment Bank implementing this feature for AePS transactions, which will enhance the reach of Aadhaar-based transactions across the country.”

Airtel partners Tech Mahindra

Speaking about the launch Ganesh Ananthanarayanan, COO of Airtel Payments Bank said, “We are delighted to collaborate with NPCI to offer this new facility to our valuable customers. Face authentication is an important addition to our existing bouquet of secure and simple banking solutions to drive financial and digital inclusion in the country.”

Customers can avail this facility through the following steps at the neighbourhood banking point of Airtel Payments Bank:

·        Banking Correspondent (BC) enters the customer details i.e. Aadhaar number in the business App.

·        BC will ask the customer to confirm the type of Authentication – Fingerprint or Face authentication. Post receiving consent from the customer, BC will choose Face Authentication option and click on proceed.

·        The Face Authentication RD App will open to capture the live Image of the customer.

·        Once the face of the customer is captured successfully, BC will be asked to enter his mPIN and complete the transaction.

Note: Customers of Bank who are enabled for Face Authentication modality shall be able to use this service.