Airtel Payments Bank CEO Anubrata Biswas is optimistic about the growth prospects of payments banks in India, driven by financial inclusion initiatives and rapid digital growth. Airtel Payments Bank has seen significant growth in users, revenue, and profits in FY24 and has nearly 500,000 banking points nationwide. The bank offers digital banking solutions and financial services targeting urban, rural, and business segments.
The Business Banking Solution Suite combines the benefits of Airtel Payments Bank s current account and the ability to receive payments through a QR code with audible payment confirmation through the newly launched soundbox, along with a plan that provides complimentary insurance benefits, the company said. Further, the suite enables merchants to apply for loans from Airtel Payments Bank’s partners.
Earlier this year, Airtel Payments Bank had cited a strong growth trajectory for the December 2023 quarter with revenues at Rs 469 crore, up 47 per cent year-on-year, while net profit stood at Rs 11 crore, up 120 per cent over the year-ago period.