Indian fintech company BharatPe announced on September 29 that its POS business BharatSwipe has turned profitable within two years of the launch of the product. Currently, BharatPe occupies the second spot among private POS players in the country with an installed base of close to two lakh machines across over 250 cities.
POS stands for point of sale.
According to the company, this is the fastest-ever launch to the profitability story of any brand in the POS category in India.
BharatPe had launched BharatSwipe – the country’s first zero rental swipe machine with a disruptive card payment acceptance system -- in the second half of 2020. At present, BharatSwipe contributes over 20 percent to the overall payments Transaction Processed Value (TPV) of the company annually.
Speaking about the achievement, Shashvat Nakrani, Founder, BharatPe, who also spearheaded the launch and scale-up of BharatSwipe for the company, said: “BharatSwipe turning profitable is a great validation of the merchants’ trust in us and our business model. Today, we clock close to four million transactions on our POS devices every month. We are committed to scaling this business and are aiming to end this fiscal with $6 billion in annualised TPV. As we move ahead, we will focus on partnering with the best in the business to launch a range of offerings and new products with the objective of offering a superlative experience to our merchant partners.”
Adding: “Earlier this year, we had announced a strategic partnership with Ingenico and will be launching the new Axium POS machines coupled with PPaaS soon with the aim to offer world-class payment and commerce services to our merchant partners and further help them grow their business. We will also launch new offerings like consumer credit as well as loyalty and reward features on our POS machines so as to enable our merchants to sell more and further grow their business.”
Suhail Sameer, CEO, BharatPe, said: “It was not so long ago that we ventured into the hyper-competitive POS category with yet another disruptive product from the BharatPe stable. It is interesting to note that over 60 percent of our POS merchants were first-time card machine users. Today, as I look back, it gives me a sense of pride when I say that the BharatPe team has been able to create history with the fastest-ever launch to profitability story in this vertical ever. This is the first feather in our cap as we focus all our energies towards turning profitable by the end of FY23.”
BharatSwipe allows merchants to accept payments from a range of credit and debit cards, with the option of paying zero transaction fees. Merchants who use BharatSwipe can also accept QR payments via dynamic QR generated on the swipe machine. It also generates physical receipts for QR payments done via BharatPe’s UPI QR. BharatSwipe’s ‘holiday settlements’ feature allows merchants to accept settlements even on a bank holiday, thereby, ensuring liquidity at all times.
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