Airtel payment bank Now has more than a billion transactions on its platform in the September 2021-2022 quarter, according to sources.
This represents roughly 61% of its year-over-year growth in its transaction volume.
This, according to the report, showed the strength of Airtel’s digital model and its distribution of over 5 million bank points, allowing it to grow rapidly.
The growth in transaction volume has been supported by a widespread shift to digital payments fueled by a pandemic.
Growth is also driven by new digital product offerings enabling UPI-based payments, bill and utility payments, mobile top-ups and DTH and its set of retail solutions.
The report says Airtel has been one of the fastest growing banks. It now has over 115 million users in India and over 8 million merchants.
The company’s goal is to add more digital inclusion for users.
âAirtel Payments Bank is able to offer its solutions to both the urban digital customer and the underbanked rural customer,â said Anubrata biswas, CEO of Airtel. “Our products are user-driven and designed to bring millions of users into digital banking.”
PYMNTS reports that Airtel Africa has secured a $ 200 million investment for its Airtel Mobile Commerce unit, from the Qatar Investment Authority.
See also: QIA supports Airtel Africa’s mobile commerce unit with $ 200 million
Airtel Africa had a valuation of $ 2.65 billion. It is listed on the London Stock Exchange and strives to bring telecommunications services to Africa.
The new investment will see QIA take a minority stake in Airtel Mobile Commerce, which operates several Airtel Africa mobile money operations.
The new capital will be used by Airtel Africa to bolster its asset monetization strategy, and the company could go public within the next four years.
Airtel Africa also plans to use the new financing for debt reduction, network improvement and sales infrastructure.
This follows Mastercard’s $ 100 million investment in Airtel Mobile Commerce.