BharatPe, which is the third largest player in private point of sale (POS) category, is also working on ramping up its reach by five times and sell ‘’BharatSwipe’’ in 80 cities across India by the end of the ongoing fiscal year, a release said. Besides, it is planning to expand brand partnerships significantly, and offer consumer credit to drive further value on the POS business, it added.
BharatPe had launched BharatSwipe, its card payment acceptance machine in the second half of 2020. “This (POS) business has scaled up rapidly, and now contributes 20 per cent to the overall payments TPV of the company. Today, BharatPe has an installed base of over 1 lakh BharatSwipe machines across 16 cities in the country and facilitates transactions of over Rs 1,400 crore every month,” it said. Suhail Sameer, Group President at BharatPe, said the company has witnessed phenomenal growth in the POS business. “I believe it is our disruptive business model that worked in our favour and appealed to the small merchants. With 60 per cent of our POS merchants being first time card acceptance machine users... we believe that the business is ripe for growth,” he added. Sameer said it will be expanding the reach of its POS business to 80 cities and deploy 3 lakh machines by end of 2021-22.