New Delhi, Airtel Payments Bank CEO Anubrata Biswas is optimistic that the payments bank momentum in India will deliver strong growth horizons in the coming years, supported by the financial inclusion imperative and the rapid pace of economic and digital growth.
In an interview, Biswas said FY24 has been a "remarkable year" for Airte Payments Bank, growing in double digits across all key metrics such as users, revenues and profits.
"We are still closing the accounts (for the financial year), but given the position we are in today, we will continue to deliver high double-digit growth rates on revenue, profit and user base," he said. Today there are about 500,000 banking points across the country.
It offers a bouquet of digital financial services – insurance, loan and investment solutions as well as end-to-end digital banking solutions.Airte Payments Bank has three clear segments when it comes to serving customers across different geographies – urban digital, rural underbanked, and industry, and business.
Earlier this year, Airtel Payments Bank had cited a strong growth trajectory for the December 2023 quarter, with revenue at Rs 469 crore, up 47 per cent year-on-year, while net profit at Rs 11 crore, which It was 120 percent more than last year. Biswas stressed that the momentum of digital banking is here to stay.
“We have maintained momentum on digital banking in India, which is a large spectrum of urban users who want secondary digital banking options for payment and transaction needs. This is a business where we saw dramatic growth in 3-6 months Which has led to increased revenue...," he said.Airtel Payments Bank is dominant in the rural markets, he said, adding, "Combined rural and urban, we are now opening one million bank accounts a month". Biswas said, "The pace is structural which means we will grow in the next few years Very excited about this too."
He asked whether the pace of new account openings has picked up in the backdrop of the recent Paytm Payments Bank crisis, while on the B2B and rural side of the business, the pace has largely remained the same, there has been a significant increase. Advancement and advancement in digital side from urban customers.
There has been a "very significant" increase in the number of new customers opening bank accounts and applying online for offers like Fastag.Consumers looking at digital banking options are a 100 million opportunity in themselves, he said.
“In India, digital payments have come, the financial landscape has deepened and changed. Now the time has come for digital banking… People look forward to making payments, feeling secure and then many other second order requirements. Will use digital bank accounts." " He said.
Biswas said he is optimistic about the market's growth prospects in FY2015 and the coming years.“The digital banking opportunity, in our opinion, is a 100 million use opportunity in itself... The entire financial inclusion and digital inclusion market is really a 500 million user opportunity... There are many large Banks will be needed because India is a large country, and consumers will need different ways to connect given India's aspirations for a US$7 trillion economy in the coming years and growth targets beyond that," he said.
So, while banking momentum will remain strong, Biswas said, payments bank momentum – given its unique status as a regulated fintech – is going to have “even stronger growth horizons and opportunities”.
“As consumers come onto our platform and start using products and services, there remain opportunities to grow revenues as well as strengthen both the user base and the rural consumer side. On the B2B side, we have just started... and there are a range of digital B2B opportunities, as well,” he said. While adding that Digital India is growing faster than GDP growth, he underlined that for the 'new Digital India' There will be a need for new age digital banks.On the implications of the Reserve Bank of India's action on Paytm Payments Bank on the larger digital banking and fintech sector, Biswas expressed confidence that the role of fintech will become bigger with time.
“Today, there are 400 million financial payers (including UPI payers and cash transactions) and 700 million smartphones in India… So there is a wide gap between digital users and digital financial users in the country and fintech has a role to play in bridging it.” That difference. The top boss of Airtel Payments Bank said, “I am very optimistic about fintech, knowing that as a regulated fintech with a banking license, we can offer the best of both worlds to a billion Indians ."
In an interview, Biswas said FY24 has been a "remarkable year" for Airte Payments Bank, growing in double digits across all key metrics such as users, revenues and profits.
"We are still closing the accounts (for the financial year), but given the position we are in today, we will continue to deliver high double-digit growth rates on revenue, profit and user base," he said. Today there are about 500,000 banking points across the country.
It offers a bouquet of digital financial services – insurance, loan and investment solutions as well as end-to-end digital banking solutions.Airte Payments Bank has three clear segments when it comes to serving customers across different geographies – urban digital, rural underbanked, and industry, and business.
Earlier this year, Airtel Payments Bank had cited a strong growth trajectory for the December 2023 quarter, with revenue at Rs 469 crore, up 47 per cent year-on-year, while net profit at Rs 11 crore, which It was 120 percent more than last year. Biswas stressed that the momentum of digital banking is here to stay.
“We have maintained momentum on digital banking in India, which is a large spectrum of urban users who want secondary digital banking options for payment and transaction needs. This is a business where we saw dramatic growth in 3-6 months Which has led to increased revenue...," he said.Airtel Payments Bank is dominant in the rural markets, he said, adding, "Combined rural and urban, we are now opening one million bank accounts a month". Biswas said, "The pace is structural which means we will grow in the next few years Very excited about this too."
He asked whether the pace of new account openings has picked up in the backdrop of the recent Paytm Payments Bank crisis, while on the B2B and rural side of the business, the pace has largely remained the same, there has been a significant increase. Advancement and advancement in digital side from urban customers.
There has been a "very significant" increase in the number of new customers opening bank accounts and applying online for offers like Fastag.Consumers looking at digital banking options are a 100 million opportunity in themselves, he said.
“In India, digital payments have come, the financial landscape has deepened and changed. Now the time has come for digital banking… People look forward to making payments, feeling secure and then many other second order requirements. Will use digital bank accounts." " He said.
Biswas said he is optimistic about the market's growth prospects in FY2015 and the coming years.“The digital banking opportunity, in our opinion, is a 100 million use opportunity in itself... The entire financial inclusion and digital inclusion market is really a 500 million user opportunity... There are many large Banks will be needed because India is a large country, and consumers will need different ways to connect given India's aspirations for a US$7 trillion economy in the coming years and growth targets beyond that," he said.
So, while banking momentum will remain strong, Biswas said, payments bank momentum – given its unique status as a regulated fintech – is going to have “even stronger growth horizons and opportunities”.
“As consumers come onto our platform and start using products and services, there remain opportunities to grow revenues as well as strengthen both the user base and the rural consumer side. On the B2B side, we have just started... and there are a range of digital B2B opportunities, as well,” he said. While adding that Digital India is growing faster than GDP growth, he underlined that for the 'new Digital India' There will be a need for new age digital banks.On the implications of the Reserve Bank of India's action on Paytm Payments Bank on the larger digital banking and fintech sector, Biswas expressed confidence that the role of fintech will become bigger with time.
“Today, there are 400 million financial payers (including UPI payers and cash transactions) and 700 million smartphones in India… So there is a wide gap between digital users and digital financial users in the country and fintech has a role to play in bridging it.” That difference. The top boss of Airtel Payments Bank said, “I am very optimistic about fintech, knowing that as a regulated fintech with a banking license, we can offer the best of both worlds to a billion Indians ."
