Airtel Payments Banks ranked as India’s No. 1 bank in terms of digital transaction achievements as per MeitY’s (GOI) FY18-19 report.
As per the recent report released by the Ministry of Electronics and Information Technology (MeitY) on digital transactions, Airtel Payments Bank has been ranked as the No 1 bank in India in terms of digital transactions target achievement in FY 18-19.
Boasting a network of 500,000 neighborhood banking points across 29 states, Airtel Payments Bank has surpassed its digital transactions targets with over 211 percent achievement and topped all banks on this parameter.
In a summary of the performance of 56 banks in India, the results showed that Airtel Payments Bank ranked No 1 and achieved 211.66 percent of its digital transactions target.
It was followed by FINO Payments Bank and Paytm Payments Bank which overshot their targets by 209.31 percent and 122.95 percent respectively.
The evaluation was done on several parameters, including the volume of transactions, the number of terminals for Aadhaar-based merchant payments deployed by them, and the average success rate of digital transactions.
The overall digital transactions of 211.6 percent done through Airtel Payments Bank include transactions made via UPI, Debit Card, Mobile Banking, Net Banking, Prepaid Card, PPI, NEFT among other methods.
For FY 2018-19, MeitY had set up an overall target of processing 30 billion digital transactions aligned to the Government’s Digital India mission.
The industry has grown remarkably in the last few years and has exceeded the target by 4 percent since last year. This indicates a big boost for the digital payment segment in the country, according to the Ministry.