Against the crisis at Paytm Payments Bank, Airtel Payments Bank, the payment banking arm of telecom player Bharti Airtel, is seeing an increased daily uptake in customer applications.
The company said, given the trend, the bank would add one million on a monthly basis.
“Around two or three quarters back, we were acquiring 800,000 consumers a month. Now it is 900,000. In the next couple of quarters, we will cross million consumers a month,” said Anubrata Biswas, managing director and chief executive officer, Airtel Payments Bank, in a call with Business Standard after its Q3FY24 results.
Airtel Payments Bank is among the six operational payments bank in the country. The others are India Post, Fino Payments Bank, Jio Payments Bank, NSDL, and Paytm Payments Banks.
“There is a need from customers to have a safe account for payments, and we are seeing that demand getting expressed as the number of consumers applying to us daily has gone up. Online applications have gone up five times, whereas FASTag applications have increased seven times,” said Biswas.
Airtel Payments Bank serves customers in three segments — the urban digital, rural underbanked, and industries as well as businesses.
It offers digital banking solutions and financial services such as insurance, lending, and investment solutions. The payments bank claims to process over seven billion annualised transactions across its platforms. It has a retail-banking network of 500,000 neighbourhood-banking points.
When asked about the issue of Paytm Payments Bank and KYC, Biswas said the (his) company was confident of the systems it had.
“Airtel Payments Bank is committed to first delivering high-quality consumer service to its consumers. And standing by the law of the land in full compliance, which is a given,” he added.
Airtel Payments Bank has more than doubled its net profit to Rs 11 crore on a Y-o-Y basis in the third quarter of 2023-24 from Rs 5 crore in Q3FY23.
First Published: Feb 09 2024 | 9:47 PM IST