BharatPe’s POS business grows to US$ 2bn annualized transaction value in 3 months
BharatPe, India’s largest merchant payments company, today announced that it has recorded the fastest ever scale up on POS in the industry. BharatPe’s POS business has grown to US$ 2bn annualized transaction value in just 3 months post the launch. The company announced that its POS business now contributes to 25% of the annualized transaction value. The company currently offers this product in 10 cities of the country and plans to ramp it up to 40 cities by the end of the current fiscal year. It has set a target of US$ 5bn POS annualized transaction value from the POS business by end of FY21.
BharatSwipe, the POS machine from BharatPe launched in the second half of 2020 is India’s first zero rental card machine that offers the merchants the option for zero transaction charges. It allows the merchants to accept payments from a range of credit and debit cards. Additionally, the merchant can generate receipt for both card and QR transactions. BharatSwipe has received an overwhelming response from small merchants across industries including kirana store owners, restaurant owners as well as entrepreneurs with 4-5 outlets.
Talking about the success of BharatSwipe, Mr. Suhail Sameer, Group President, BharatPe, said, “BharatSwipe has been one of our biggest success stories. In just about a quarter, our POS business is now 1/4th of our annualized transaction value. We launched POS machine with zero rental and zero transaction fee which resonated well with the merchant community and helped us get a headstart in this competitive market. This success is also a testimony of our in-depth understanding of small merchants’ financial services requirements. Interestingly, our average daily active merchants on POS are much higher than the industry average. We will be aggressively focusing on building this business as we expand to newer markets. We currently have close to 35,000 machines in the market and are targeting 1,00,000 POS machines deployment by the end of the current fiscal. Also, we have recently launched cash advance loans based on the merchant’s POS transaction data and initial data looks very promising. We will be scaling this up in the coming months.”
BharatPe offers a range of fintech products to help small merchants grow their business. These include industry’s first interoperable UPI QR with zero transaction fee, a range of credit and insurance products, the POS machine and digital gold. It recently announced its aggressive expansion plans across Tier-1, 2 and 3 cities in the country. The company is currently present in 35+ cities and plans to scale up its presence by adding another 30 cities to its list by December 2020.