BharatPe becomes #3 in UPI P2M merchant payment acceptance
BharatPe became the third largest player in the UPI P2M merchant payment acceptance space. The company has INR 3,334 crores (US$ 479 million) transaction value in November and displaced Google Pay from its 3rd position. In November 2020, the company has processed 6.15 crores transactions.
BharatPe has doubled up its market share in the UPI P2M merchant payment acceptance category since April 2020. In the month of Novemebr, the brand reached its all time high 5% market share with a transaction value and 7% market share by transaction volume.
The transaction volume processed last month, by the company alone is greater than the combined UPI P2M transaction volume of JIO, Zomato, Swiggy, CRED, FlipKart, CashFree, IRCTC and MPL.
Talking about the milestone, Mr. Ashneer Grover, Co-Founder and CEO, BharatPe, said, “BharatPe is an Indian startup and it is a proud moment for us to displace a global behemoth like Google Pay from the No. 3 position. The offline retail market is, in order of magnitude, larger than the online/ecommerce market in a country like India and digitizing fast. BharatPe’s differentiated financial services proposition focused at the merchant outweighs all other services being targeted by other UPI / VAS players. Big congratulations to BharatPe team for having delivered growth in 26 / 28 months since inception and growing 4X through COVID!”
Added Mr. Suhail Sameer, Group President, BharatPe, “The BharatPe team is extremely excited and enthused with this achievement. We are gearing up for new challenges and are committed to empower merchants to scale their business. We have bigger targets ahead of us. We intend to grow our business five times in the next 2 years, to cross US$ 30 bn TPV. We are bullish on lending and aim to disburse loans of US$1 bn to small merchants and kiranas by 2023.”
BharatPe was founded by Ashneer Grover and Shashvat Nakrani in the year 2018. The company launched India’s first ZERO MDR payment acceptance service, first UPI interoperable QR code and first UPI payment backed merchant cash advance service.