Airtel Payments Bank processes 50 million cash withdrawals through AePS

Airtel Payments Bank

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.”

Ramesh has over 12 years of experience in different departments of journalism. Having a strong nose for news, he has worked with The Times of India, Hindustan Times, Delhi Press, News Wire Service and Governance Today in different capacities. He is a Delhi University graduate and an alumnus of Bharatiya Vidya Bhavan, Delhi, and St. Xavier's School, Muzaffarpur. He loves writing over issues of social relevance. His craving for smart technology brought him to My Mobile where he has grown up to be a tech journo.

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