BharatPe and Axis Bank formed a strategic alliance in August of last year.
New Delhi: BharatPe, a fintech startup for retailers, announced that its POS business has grown by 200 percent in annualised transaction value to $4 billion (about Rs 30,078 crore) in the previous year.
According to a statement, the company’s Point of Sale (POS) division, BharatSwipe, now generates around 25% of its overall payments Transaction Processed Value (TPV).
According to a release, the Point of Sale (POS) division – BharatSwipe – currently generates around 25% of the company’s overall payments Transaction Processed Value (TPV).
“The phenomenal growth can be attributed to the company’s POS business expanding into non-metro cities, with more than half of BharatSwipe machines deployed in tier II/tier III towns and cities since 2021. Small merchants and retailers have uniformly implemented BharatSwipe in a variety of sectors, including grocery, food and beverage, electronics, and durables, among others,” it was stated.
BharatPe and Axis Bank formed a strategic alliance in August of last year. Axis Bank became the acquiring bank for BharatPe’s POS business as part of the agreement, allowing merchants linked with BharatPe to accept credit and debit cards.
According to the announcement, BharatPe will continue to expand strategic alliances with banks, financial institutions, and brands with the goal of improving the consumer experience on its POS devices.
By March 2023, the company aims to reach $30 billion in total payment volume (TPV) via QR and Swipe.
“BharatSwipe has been India’s POS industry’s biggest growth storey, starting with ten cities in the midst of Covid-19 in 2020 and now processing $4 billion in payments annually.” “We have seen multi-fold growth in our POS business over the last year, driven by our aggressive development plans in tier II, III, and IV towns and cities,” BharatPe CEO Suhail Sameer said.
Due to the usual hefty rentals connected with POS machines, he continued, a huge proportion of retailers in smaller cities have never utilised one.
“As a result, (BharatPe) used the opportunity to promote our zero-rental POS devices. We were able to provide POS to several small retailers in last-mile places like Alappuzha, Azamgarh, and Chalisgaon, which had minimal digital penetration. In fact, almost 60% of our merchants have never used a point-of-sale system before,” he stated.
Customer delight in pandemics, a better record of transactions, and, most significantly, access to credit, according to Sameer, the shift to digital payments offers a range of benefits for retailers and the economy at large.
“The integration of POS allows us to analyse a merchant’s financial soundness based on his daily transactions and, as a result, facilitate business loans based on the merchant’s eligibility, in collaboration with NBFCs,” he explained.
