BharatPe aims 3x growth in POS business FY22

The company shared that it aims to grow its POS business (BharatSwipe) by 3x and has set a target of US$ 6bn in annualized TPV by the end of FY22. BharatPe, which is now the No. 3 player in the private POS category, will also ramp up its reach by 5x and sell BharatSwipe in 80 cities across India by F22 end.

Also, BharatPe plans to ramp up brand partnerships significantly, and offer consumer credit to drive further value on the POS business.

BharatPe had launched BharatSwipe, its disruptive card payment acceptance machine in the second half of 2020. 

Speaking on the success of BharatSwipe, Suhail Sameer, Group President, BharatPe said, “We have witnessed phenomenal growth in our POS business. I believe it is our disruptive business model that worked in our favour and appealed to the small merchants. With 60% of our POS merchants being first time card acceptance machine users, and with industry-leading active POS machine rates, we believe that the business is ripe for growth.

"We have also recently welcomed Gautam Kaushik (ex-MD and CEO PAYBACK; ex-CFO American Express) into our team, who is leading the scale-up of this business. We plan to grow this vertical by over 3x in the current fiscal. We will be expanding our reach on the POS business to 80 cities and deploy 3 lac machines by end of FY22. Additionally, we are exploring strategic partnerships with banks, financial institutions and brands with the objective of enhancing the customer experience on our POS devices.

"This would include providing customer credit offerings in the form of Buy Now Pay Later (BNPL). We would also add new and innovative loyalty and rewards features to our POS devices to aid merchants’ business growth and drive increased consumer footfalls at their shops.”