BharatPe expands footprint across 100 Indian cities
By Leandra Monteiro
BharatPe, an Indian FinTech company for merchants, today announced its expansion across 100 cities in India. The growth is in line with company’s commitment to drive financial inclusion across tier 2, 3 and 4 towns and cities in India. BharatPe is aiming to go beyond metros with the objective of empowering merchants with its safe and secure digital payment infrastructure.
The FinTech also aims to scale its presence to 300 cities by March 2023. Some of the new additions as a part of the 100 cities include, Guwahati, Vellore, Hosur, Nagpur, Raipur, Bilaspur, Bhubaneswar, tourist hubs like Pondicherry, Amritsar, Varanasi, Agra, Allahabad, Mathura, Nainital as well as renowned business hubs like Kochi, and Coimbatore. Lesser-known names like Kaithal, Jind and Bhiwani will also be able to avail BharatPe services. The company has rolled out its UPI QR payment acceptance service and loans to merchant partners in the new cities in the first phase. It will top this up with other FinTech products in the second phase over the coming months.
Commenting on the company’s expansion plan, Suhail Sameer, Group President, BharatPe said, “The expansion is in line with the exponential growth that the company has experienced in tier-2 and beyond markets over the last one year. BharatPe has witnessed a notable spike in digital transactions beyond its top 30 cities over the last one year, with an increase in 70% in number of transactions and 120% in value of transactions (TPV). We are focussed on creating awareness about digital payments and bringing the new age fintech services to the last mile in India. We plan to add 4 million merchants to our existing list of over 6 million merchants by the end of 2021.”
Nishant Jain, Chief Business Officer, BharatPe added, “We believe that equitable access to digital services is critical to bring a transformative change in the economy. With rapidly growing acceptance of UPI services across India, we intend to provide the right payments and credit platform, and make a positive difference in the lives of millions of underserved or unbanked merchants. This revolution in galvanizing Bharat’s digitization and is one of the most crucial steps towards bridging the divide in India’s inclusive growth journey.”
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