BharatPe Becomes Third Largest P2M UPI Payment Player, Surpasses GPay

BharatPe recorded INR 3,334 crore (USD 479 million) in transaction value in a total of 6.15 crore transactions for the month of November

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Merchant payments company BharatPe has overtaken Google Pay to become the third largest player in the merchant UPI payment acceptance space.

BharatPe website

“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,” said Ashneer Grover, co-founder and CEO, BharatPe.

The company said in a statement it has recorded INR 3,334 crore (USD 479 million) in transaction value in a total of 6.15 crore transactions for the month of November.

With these numbers, the Delhi-based company claims to have cornered 5 per cent market share by transaction value and 7 per cent market share by transaction volume for the first time. It added that the volume of transactions processed by BharatPe standalone last month is greater than the combined UPI peer-to-merchant transaction volume of JIO, Zomato, Swiggy, CRED, FlipKart, CashFree, IRCTC and MPL.

“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,” Grover added.

Founded in 2018 by Ashneer Grover and Shashvat Nakrani, BharatPe offers interoperable UPI QR to merchants at zero transaction fee. It claims to be the first player to launch UPI interoperable QR code, first ZERO MDR payment acceptance service and first UPI payment backed merchant cash advance service.

Currently, it serves over 50 lakh merchants across more than 50 cities and has facilitated disbursement of over INR 500 crore to its merchants since its launch.

“We intend to grow our business five times in the next 2 years, to cross USD 30 bn TPV. We are bullish on lending and aim to disburse loans of USD 1 bn to small merchants and kiranas by 2023,” Suhail Sameer, Group President, BharatPe.

BharatPe is backed by a clutch of marquee investors, including Beenext, Sequoia, SteadView Capital, Ribbit Capital, Coatue Management LLC, Insight Partners, and Amplo.