BharatPe plans to reach 65 cities by Dec end, add 3 mn merchants in FY21

Planning to scale to up to 65 cities by the end of the year, merchant payment company BharatPe has said it will be adding 35 new towns to its already existing pool of 30 cities. The company also aims to add another three million merchants to its existing list of over five million merchants by the end of FY21.

The company will be rolling out an interoperable UPI QR with zero transaction fees, and its recently launched zero rental, zero fees card acceptance machine BharatSwipe in the new cities. Additionally, BharatPe would be offering attractive collateral-free loans of upto Rs 7 lakh a competitive interest rates to merchants, with the objective of helping them grow their business.

“We have seen our business grow manifold over the last few months. Our payments vertical has recorded consistent double digit growth on a month-on-month basis. Also, our lending vertical has scaled very well and we are on track to disburse loans of Rs 1,000 crore by the end of the year,” said Suhail Sameer, Group President, BharatPe. 

“We are committed to create a well-rounded financial ecosystem for SMEs with our variety of products including payments, loans, gold and insurance. This decision to double our footprint in the country is in line with this,” he added.