On Monday, BharatPe, a fintech firm, announced that it recorded 106 million monthly transactions in the UPI QR payments segment in March 2021 and aims to triple UPI payments in FY22.
According to a statement, the company reported US$ 830 million in transactions (US$ 10 billion annualised) in March 2021.
With an 8.8% market share, BharatPe continued its trend of outgrowing the market, according to the company.
BharatPe has evolved at an exponential rate over the last year, becoming one of the most widely used payment systems in the UPI person-to-merchant (P2M) market.
From April 2020 to March 2021, the company saw a 7x increase in UPI transaction volume. In addition, from February to March 2021, the Unified Payments Interface (UPI) payments vertical increased by 23.7%.
BharatPe Group President, Mr. Suhail Sameer said, “The pandemic boosted the country's adoption of digital payments. In addition, over the last year, all of our business verticals have seen significant growth. In UPI P2M, we continuously outgrew the industry.”
He said, “The rise in the adoption of digital payments across tier-I, -II, and beyond towns and cities has fueled our growth in the UPI P2M segment.”
He added, “BharatPe saw a massive rise in digital transactions outside of its top-30 cities as customers shifted to digital payments for convenience and security.”
He further said, “We grew our footprint from 30 to 100 cities in the last 12 months to meet the increased demand.”
Mr. Sameer stated that In FY22, the company plans to expand its footprint in India by another 100 cities, focusing on raising awareness about digital payments and introducing new-age fintech services and credit offerings to the last mile.
He said, “By the end of 2021, we hope to have added four million merchants to our current list of six million.”
He added, “With our current and upcoming fintech offerings, specifically developed to meet the needs of the merchant community, we are optimistic that we will be able to positively affect millions of more companies in FY22.”
The company has set a 3x growth goal for its payments market, with a TPV (total payment value) of US$ 30 billion by March 2023.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.