BharatPe Plans for $5 billion Annualised Transaction Value in FY2021 Through PoS Business

The digital money lender BharatPe has announced it has grown to $2 billion in annualized transaction value in just three months post the launch and is aiming to further increase this to $5 billion by the end of the fiscal.

The point of sale (PoS) business now contributed about 25 percent of the annualized transaction value, says the statement. At present, the company is offering these products across 10 cities of the country and is planning to ramp it up to 40 cities by the end of the current financial year, states the statement. However, the company has set a target of $5 billion in annualized transaction value from the PoS business by the end of FY21,

BharatSwipe, the PoS machine from BharatPe, was launched in the second half of 2020. It is the first zero rental card machine that offers the merchants the option for zero transaction charges and allows the merchants to accept payments from a range of credit and debit cards.

Suhail Sameer, President, BharatPe Group, "In just about a quarter, our PoS business is now one-fourth of our annualized transaction value…our average daily active merchants on PoS are much higher than the industry average. We will be aggressively focusing on building this business as we expand to newer markets."

He further adds"Also, we have recently launched cash advance loans based on the merchant's PoS transaction data and initial data looks very promising. We will be scaling this up in the coming months."

He also says that BharatPe currently has close to 35,000 machines in the market and is targeting to install about one lakh POS machines by the end of the current fiscal.