BharatPe hits new high with 106 million monthly UPI transactions in March 2021

BharatPe, one of India’s fastest growing fintech companies, today announced that it achieved a milestone by registering 106 million transactions / month in the UPI QR payments category in March 2021. BharatPe a continued its trend to overtake the market, with a market share of 8.8%. It also announced that it will retain third place in the UPI P2M category, the place it obtained in November 2020 by replacing Google Pay. BharatPe recorded $ 830 million in transactions ($ 10 billion annualized) in March 2021.

Over the past 12 months, BharatPe has grown exponentially and has been able to establish itself as one of the fastest adopted payment systems in the person-to-merchant (P2M) UPI segment. The company saw a 7x growth in UPI transaction volume from April 2020 to March 2021. In addition, its UPI payments verticality increased 23.7% from February to March 2021.

Speaking on the company’s achievements, Mr. Suhail Sameer, Chairman of BharatPe Group, said: “The pandemic has accelerated the growth of digital payments in the country. In fact, we’ve seen all of our verticals grow in multiple ways over the past year – we’ve consistently outperformed the P2M UPI market, become the largest B2B fintech lender, and also become # 3. private outlets in India. Our growth in the UPI P2M category has been driven by the increased adoption of digital payments in Tier 1, Tier 2 cities and beyond. With the shift of customers to digital payments, for the sake of convenience and security, we have seen a dramatic increase in digital transactions beyond our top 30 cities. In order to meet growing demand, we have expanded our footprint from 30 to 100 cities in the past 12 months. “

Mr Sameer added, “We are focusing on raising awareness of digital payments and bringing the new era last mile fintech services and credit offerings to India and as a result, will add another 100 more cities to our presence during the course. in fiscal year 22. We aim to expand our merchant network by adding 4 million merchants to our existing list of 6 million by the end of 2021. This milestone of more than 100 million transactions is a testament to the merchant’s confidence in BharatPe. We are confident that we will be able to positively impact millions more businesses in the new fiscal year with our range of existing and upcoming fintech products, specially designed to meet the demands of the merchant community. “

India has seen phenomenal growth in digital payments over the past year. UPI payments more than doubled from 1.0 billion transactions in April 2020 to 2.7 billion transactions in March 2021, with the POS from $ 22 billion to $ 72 billion in March 2021. According to a recent one ACI Worldwide and Global Data report, India has overtaken the United States and China to become the world’s largest market for real-time digital payments, thanks to P2P and merchant payments. According to the report, it is expected that by 2025, digital payments collectively in India will account for over 70% of the overall payment volume, leaving cash and checks below 30%. The report also pointed out that globally, more than 70 billion real-time payment transactions were processed in 2020, a 41% increase from the previous year, as the Covid-19 pandemic accelerated trends towards abandoning cash and checks and a greater reliance on real-time and digital payments.

BharatPe is committed to helping small traders and Kirana store owners grow their business. It offers a range of fintech products for merchants: an interoperable QR UPI with no transaction fees, commercial loans at lucrative interest rates, and India’s first no-lease POS machine to accept payments from a range of debit and credit cards. The company recently launched its innovative loan product – Distributor to Retailer (D2R) Finance, designed to provide instant liquidity to distributors, wholesalers, traders and dealers in industry verticals. With this product, BharatPe offers unsecured loans of up to Rs. 50 lakhs for a period of 7 days to 30 days. The company aspires to become a digital bank for merchants that can serve as a one-stop-shop for all merchant needs and lending activities will play a key role in this journey. It has set itself the goal of tripling its payment activities and is targeting a terminal of US $ 30 billion by March 2023.