The Leading Bank Position In India Belongs To Airtel Payments Bank

Cooky - Jul 13, 2019

Airtel Payments Bank has taken the No. 1 position on digital transactions target achievements in the 2018-2019 term, according to reports.

Airtel Payments Bank has taken the No. 1 position on digital transactions target achievements in the 2018-2019 term, according to reports on digital transactions of the Ministry of Electron Technology (MeitY)

The leading bank position in India belongs to Airtel Payments Banks

Fifty-six banks in India were evaluated based on the criteria of transaction and terminal that each bank developed and the success rate of digital transactions. As a result, the Airtel Payments Bank reached 211.66% of its digital transactions target and took the number one position, due to all transaction are done through UPI, debit cards, mobile/internet banking, and so on. Besides that, FINO Payments Bank was ranked second with 209.31% and 122.95% was the result of Paytm Payments Bank. However, only Payments Bank and Airtel Payments Bank reached the top 10 based on these evaluation criteria.

Performance of payment banks in India as of March 31, 2019

Not long ago, 500,000 merchant points in India have activated BHIM UPI-based payments by Airtel Payment Bank. Therefore, consumers can use the mobile application or BHIM UPI-enabled bank to purchase goods and pay for services.

Consumers can use the mobile application or BHIM UPI-enabled bank to purchase and pay for services

Anubrata Biswas, MD & CEO – Airtel Payments Bank, said:

In 2020, MeitY required an increase of 33% compared to 2019 and specifically 40Bn digital transactions. Based on the calculations of NITI Aayog’s, in 2023, India’s digital payments industry will increase to $1 trillion and the value of digital payments will jump from the current 10% to 25%.

Airtel Payment Bank is a subsidiary of Bharti Airtel, which is more commonly known as a telecom provider. Airtel is one of the biggest telcos in India, favored for its reasonable offers and good services. This is also the first provider in the country to offer Smartbytes, a special service for Indian internet users. Airtel Smartbytes is specifically designed for those who want continuous use of high-speed data as it offers additional packages from 1GB to 50GB of fast transferred data on top of monthly plans. The prices of Smartbytes Airtel packs range from Rs 99 to Rs 1499. The provider launched Smart bytes eight years ago.