CEO at Staff, Telecom News, ET Telecom

The need for secure digital payments and nearby banking access during COVID-induced shutdowns fueled the growth momentum of Airtel Payments Bank, which first became profitable in July, according to a senior official at the company. In a communication to employees, Anubrata Biswas, CEO of Airtel Payments Bank, said that over the past four years, the bank has grown rapidly, doubling every 18 months.

“Today, the bank is an important player in the country’s financial and digital inclusion ecosystem,” said Biswas.

He said the bank had become profitable for the first time in its history, and called it a “milestone” in the 55th month of operation.

He did not mention the financial details, however.

The onset of the pandemic in early 2020 resulted in a “very difficult time” for the country, Biswas recalled.

“It was just as difficult for us as a team. Yet we were relentless, focused, even unstoppable. The momentum gained by people’s need for secure digital payments and neighborhood access to banks during the closures, has given us the opportunity to accelerate in a very cost effective manner, ”he said during a recent communication with employees.

Recently, Bharti Airtel Managing Director Gopal Vittal on the phone company’s post-benefit call said Airtel Payments Bank currently has a monthly transaction user base of nearly $ 30 million. users, an annualized GMV of over Rs 1,000,000 crore, and a merchant base of over seven million.

“I am also delighted that Airtel Payments Bank is now on the cusp of reaching an annualized rate of income of 1,000 crore and broke even in July,” said Vittal.

He also pointed out that Airtel Payments bank is fully integrated with all of Airtel’s digital channels, both the consumer app and the retailer app, making it one of the few companies that can collect money. money for any point-of-sale service, online and offline.

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