BharatPe’s Point of Sale Business Reaches US $ 2 Billion Annualized Transaction Value in 3 Months
The merchant payment company is targeting an annualized transaction value of US $ 5 billion from outlets by the end of fiscal year 21.
New Delhi, November 26, 2020: BharatPe, India’s largest merchant payments company, today announced that it has achieved the fastest scaling ever to industry point-of-sale. BharatPe’s point of sale business reached an annualized transaction value of US $ 2 billion in just 3 months after launch. The company announced that its point-of-sale activity now contributes 25% of the annualized transaction value. The company is currently offering the product in 10 cities nationwide and plans to expand it to 40 cities by the end of the current fiscal year. It has set a target of $ 5 billion annualized point-of-sale transaction value of the point-of-sale activity by the end of fiscal year 21.
BharatSwipe, BharatPe’s point of sale machine launched in the second half of 2020 is the first zero rental card machine in India that offers merchants the option of paying no transaction fees. It allows merchants to accept payments from a range of credit and debit cards. In addition, the merchant can generate a receipt for card and QR transactions. BharatSwipe has received an overwhelming response from small traders across all industries including Kirana store owners, restaurateurs as well as entrepreneurs with 4-5 outlets.
Speaking of the success of BharatSwipe, Mr. Suhail Sameer, Group President, BharatPe, said: “BharatSwipe has been one of our greatest successes. In about a quarter, our point-of-sale activity now represents 1/4 of our annualized transaction value. We launched a point of sale machine with zero rentals and no transaction fees, which resonated well with the merchant community and helped us get ahead of this competitive market. This success is also a testament to our deep understanding of the financial services needs of small traders. Interestingly, our average daily active point-of-sale merchants are much higher than the industry average. We will aggressively focus on developing this business as we expand into new markets. We currently have nearly 35,000 machines on the market and aim to deploy 1,000,000 point-of-sale machines by the end of this fiscal year. Additionally, we recently launched cash advance loans based on merchant point-of-sale transaction data and the initial data looks very promising. We will intensify this in the coming months. “
Fintech offers a range of products to help small traders grow their business, such as UPI QR with no transaction fees, a range of credit and insurance products, the POS machine and digital gold. It recently announced its aggressive expansion plans in Tier 1, 2 and 3 cities across the country. The company is currently present in more than 35 cities and plans to expand its presence by adding 30 more cities to its list by December 2020.