Airtel Payments Bank today announced that it recorded near about 50 million cash withdrawal transactions through AePS (Aadhaar Enabled Payment Services) platform in FY21. The Bank holds around 7% market share in AePS.
More than 74% of these transactions were processed by Airtel Payments Bank’s neighbourhood banking points located in Tier 5/6 towns. Airtel Payments Bank has India’s largest retail network with 500,000 neighbourhood banking points, and 50% of these banking points are AePS enabled.
During Covid, customers looked for banking services near their home and Airtel Payments Bank kept its service engine running by leveraging its deep retail-based banking network to ensure that financial services are at an arm’s length for millions of Indians. Through the AePS platform, the bank was also able to serve customers of other banks who had an Aadhaar enabled bank account. The Bank registered over 10% growth every quarter in the number of cash withdrawal transactions through AePS in FY21.
Anubrata Biswas, MD and CEO, Airtel Payments Bank, said, “Covid gave a huge a push to adoption of digital services across the nation, however the demand for cash also remained strong, particularly at the bottom of the pyramid. We have been registering an incremental increase every quarter in cash withdrawal transactions on our AePS platform.”