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Distintive Solutions - Annual Report 2022–23

Crafting Distinctive Solutions

Our financial solutions are crafted with a customer-first approach that makes banking smart, easy and instant. Our distinctive solutions reflect our ability to rapidly create new offerings by leveraging insights and combining them with innovation.

Connect and Grow
Success Metrics

6 million

Merchants transacting per day
on our UPI stack

1.4 million

Merchant terminal base

17 %

UPI market share

Way Forward

We aim to create wider ecosystem through niche partnerships to leverage fintech, digital capabilities and targeted product offerings by existing players to enhance the overall customer value proposition.

An Integrated Banking Experience Through Partnerships

Partnerships are essential for attaining business advantages in our interconnected and networked world. We have established ourselves as a preferred collaborator for any potential partnership. We aim to expand our customer base, improve our product proposition, enhance capabilities, scale faster and widen our geographical reach through partnerships.

Credit Card Business: Flipkart

Our Flipkart Axis Bank Credit Card uses a co-created marketing model to target Flipkart customers with end-to-end digital issuance, supported by digital KYC. We achieved the milestone of 3 million cards in force, making it one of the fastest-growing co-branded credit cards in the country.


30-day spend activation rate

Lending: Freecharge

Through Freecharge, we provide registered users a BNPL monthly credit facility of up to ₹10,000. It is easy one-tap payment solution that makes bill payments simple and quick and enables customers to tide over short-term fund crunch.


Growth in overall Gross Merchandised Value (GMV)

Bharat Banking: CSC VLE Network

We have significantly enhanced distribution network in rural and remote regions through strong partnership with Common Service Centres (CSC) and India Post Payments Bank. We have added multiple products and redesigned training and rewards to nurture CSC Village Level Entrepreneurs (VLE).


Disbursals against last year


Our joint venture with Mjunction, Invoicemart, is a digital platform that connects MSME suppliers and corporate buyers to multiple financiers with the main aim of resolving credit challenges faced by MSMEs.


Total invoice financing (Since inception in July 2017 – March 2023)
Axis + CREDABLE – Fintech Partnership for Quick Working Capital Solutions = Axis Supply Chain Finance (SCF)
  1. Axis SCF proposition
  2. Complex working capital asks from large corporates
  3. Product co-creation (Axis-owned IP)
  4. Strategic equity investment
  5. Live + well-defined product roadmap

We enable supply-chain financing across small businesses including vendors, distributors, dealers and retailers. Our differentiated live solutions like Dynamic Discounting and Insta Digital underwriting enables us to take prompt credit decisions and assist our clients in their digital journey. Our TAT is one hour for a credit extension for an SCF client.

Success metrics


New reverse factoring programmes sanctioned in fiscal 2023

₹38 billion

Throughput achieved in fiscal 2023