BharatPe registers 106 million monthly UPI transactions in March

Fintech company BharatPe on Monday said it has clocked 106 million transactions in the UPI QR payments category in March, and aims to grow UPI payments by three times in 2021-22.

The company recorded USD 830 million worth of transactions (USD 10 billion annualised) in March 2021, according to a statement.

BharatPe continued its trend of outgrowing the market with an 8.8 per cent market share, it added.

"Over the last 12 months, BharatPe has grown exponentially and has been able to establish itself as one of the fastest-adopted payment systems in the UPI person-to-merchant (P2M) segment.

"The company has recorded a growth of 7x in volume of UPI transactions from April 2020 to March 2021," it said.

Additionally, its Unified Payments Interface (UPI) payments vertical grew 23.7 per cent from February to March 2021.

"The pandemic accelerated the growth of digital payments in the country. In fact, we saw all our business verticals grow manifold over the last one year. We outgrew the market in UPI P2M consistently.

"Our growth in the UPI P2M category has been driven by the rise in the adoption of digital payments across tier-I, -II and beyond towns and cities," BharatPe Group President Suhail Sameer said.

With customers moving to digital payments, owing to convenience and safety, BharatPe saw a huge spike in digital transactions beyond its top-30 cities, he added.

"In order to cater to the increased demand, we expanded our footprint from 30 to 100 cities in the past 12 months," he said.

Sameer said the company focused on creating awareness about digital payments and bringing the new-age fintech services and credit offerings to the last mile in India and hence, will be further adding another 100 cities to its presence in FY22.

"We aim to expand our merchant network by adding four million merchants to our existing list of six million by the end of 2021.

"We are confident that we will be able to positively impact millions of more businesses in the new fiscal with our range of existing and upcoming fintech products, especially curated to address the requirements of the merchant community," he added.

The company has set a target of 3x growth in its payments business and is aiming for USD 30-billion TPV (total payment value) by March 2023.