BharatPe wins Innovation in Digital Payments Award at MeitY

BharatPe, India's largest merchant fin-tech company has won the DigiDhan Mission Fin-tech Award 2018-2019 for 'Innovation in Digital Payments through Emerging Technology' at the MeitY Start-up Summit 2019 held in Delhi.

The award was presented by Chief Guest, Ravi Shankar Prasad, Minister of Communication, Electronics & IT and Law & Justice.

"We are honoured and humbled to receive this prestigious recognition from the Ministry of Electronics and Information Technology (MeitY), which is also a testimony to our relentless commitment to drive financial inclusion among the SME & unorganized retailers in India. MeitY has been at the forefront of driving digitization and we will continue to work with closely to create uniquely Indian propositions", said Ashneer Grover, Co-founder, and CEO.

BharatPe is India's largest merchant fin-tech company. Within its first year since launch, the company has established a network of over 20 lakh merchants and supports the merchant community with free UPI payments through one QR code, lending, and deposits. Traditionally, the segment has been underserved by other financial institutions.

The company's vision is to make financial inclusion a reality for India, and BharatPe is determined to make payments, lending and insurance omnipresent in the country by making an impact at the grassroots through merchants.

The company is on course to serve over 20 million merchants by 2021 and lend out USD 500 million (Rs 3,500 crores) to merchants towards working capital.

"Merchants have very basic capital and deposit requirements which have not been met by the traditional banking and NBFC sector. We endeavour to serve the merchants better through technology and focus on the core basics. They have the customers, products and enterprise to compete with the organized & online sector - the only thing they need is easier capital management. BharatPe is the only Fin-tech in India with all the ingredients of a digital bank - payments, lending, and deposits", added Ashneer.

Ministry of Electronics & Information Technology (MeitY) is mandated to promote digital payments in the country and through the recently held DigiDhan Awards 2019, awarded innovations done by Fin-tech companies for promotion of Digital payments.]

The firms were evaluated by an unbiased panel on their relevance in promoting digital payment solutions in Indian hinterlands, technology innovations brought on ground and relevance of their lending products.

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