BharatPe topples Google Pay to become 3rd largest player in merchant UPI payment space
BharatPe on Tuesday said that it has become the third-largest player in the merchant UPI payment acceptance space. The company has recorded Rs 3,334 crore (US$ 479 million) in transaction value for the month of November, displacing Google Pay from the third position. According to BharatPe, it processed 6.15 crore transactions in November 2020.
The company, in a statement, said it has been outgrowing the market and has doubled its market share in the UPI P2M merchant payment acceptance category since April 2020.
In November 2020, the company reached an all-time high of 5 percent market share by transaction value and 7 percent market share by transaction volume.
The volume of transactions processed by BharatPe standalone last month is greater than the combined UPI P2M transaction volume of JIO, Zomato, Swiggy, CRED, FlipKart, CashFree, IRCTC and MPL.
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!”
Suhail Sameer, Group President at BharatPe, said, “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 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, POS machine and digital gold.
It also offers collateral-free loans of up to Rs 7 lakhs at competitive interest rates to merchants.
BharatPe has a hybrid loan repayment model with a combination of daily QR/ POS collection and weekly payments made directly from the bank account to the merchants availing loans. The company announced its aggressive expansion plans across Tier-1, 2 and 3 cities in the country. Currently, it has presence in 50-plus cities and plans to scale up its presence to 65 cities by March 2021.
