BharatPe’s POS vertical turns profitable in 2 years, aims to achieve $6 bln TPV for FY23

BharatSwipe card machines are equipped with zero monthly rental and instant payment settlement features. A customer can withdraw using BharatPe anytime. The fintech launched BharatSwipe in the second half of 2020.

BharatPe founder Shashvat Nakrani said, “BharatSwipe turning profitable is a great validation of the merchants’ trust in us and our business model. Today, we clock close to 4 million transactions on our POS devices every month. We are committed to scale this business and are aiming to end this fiscal with USD 6 billion (about ₹49,000 crore) in annualised TPV,” as reported by PTI.

The company has set a target of $30 billion (approximately ₹2.44 lakh crore) annual TPV for the entire business for the financial year FY23.

Earlier in March, BharatPe inked a five-year strategic partnership with Ingenico, a Worldline brand, to fuel the adoption of POS devices in India. Under the agreement, Ingenico is set to roll out 1 lakh of its Axium range of Android Smart POS and PPaaS (Ingenico’s Payments Platform as a Service) to BharatPe’s merchant network in India over the next 12 months.

On the Ingenico deal, Nakrani said that they will be launching the new Axium POS machines intending to offer world-class payment and commerce services to our merchant partners and further help them grow their business.

Also, BharatPe plans to launch new offerings like consumer credit as well as loyalty and rewards features on POS machines to help merchants to sell more and further grow their business, as per Nakrani.

Further, PTI reported that BharatPe CEO Suhail Sameer said, “It is interesting to note that over 60% 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.”

Currently, BharatPe has an installed base of close to 2 lakh POS machines across more than 250 cities in India. More than 50 lakh merchants trust BharatPe currently.

BharatPe makes payment acceptance simple by offering merchants a single QR to accept all payment apps such as Paytm, PhonePe, Google Pay, BHIM, and over 150 other UPI apps.