BharatPe’s point of sale (PoS) business now contributes to 25 percent of the fintech startup’s annualised transaction value. The company plans to ramp the product up to 40 cities by the end of the current financial year.
Financial technology major BharatPe on Thursday said it had grown to $2 billion (Rs 14,766 crore) in annualised transaction value in just three months after launch, and aimed to further increase this to $5 billion (about Rs 36,916 crore) by the end of the fiscal.
The point of sale (PoS) business now contributes to 25 percent of the annualised transaction value, according to a statement. Currently, the company offers this product in 10 cities of the country and plans to ramp it up to 40 cities by the end of the current financial year, it said.
It has set a target of $5 billion in annualised transaction value from the PoS business by the end of FY21, BharatPe added. BharatSwipe, the PoS machine from BharatPe, was launched in the second half of 2020. It is a first zero rental card machine that offers the merchants the option of zero transaction charges, and allows the merchants to accept payments from a range of credit and debit cards.
“In just about a quarter, our PoS business is now one-fourth of our annualised transaction value…our average daily active merchants on PoS are much higher than the industry average.
“We will be aggressively focusing on building this business as we expand to newer markets,” BharatPe Group President Suhail Sameer said.
He added that BharatPe at present had close to 35,000 machines in the market and was targeting deployment of about one lakh PoS machines by the end of the current fiscal. “We have recently launched cash advance loans based on the merchant’s PoS transaction data and initial data looks very promising. We will be scaling this up in the coming months,” he said.
Started in March 2018 by Ashneer Grover and Shashvat Nakrani, the fintech startup offers a portfolio of products to help merchants accept digital payments through QR codes that support government-backed UPI payments infrastructure.
Source: Business World