Money & Banking

BharatPe plans to scale up to 65 cities by December

Our Bureau. Mumbai | Updated on November 19, 2020 Published on November 19, 2020

Merchant payment company BharatPe, on Thursday, announced plans to scale up to 65 cities by December.

“The company is currently present in over 35 cities, and plans to substantially scale up its presence by adding another 30 cities to its list by December 2020. The cities include tier-1 cities like Kolkata and Chennai, emerging cities like Coimbatore, Kochi, Dehradun, Nagpur, Bhubaneswar, Patna, as well as tourist hubs like Amritsar, Varanasi, Agra, Allahabad, among others,” said BharatPe in a statement.

It plans to add another 30 lakh merchants to its existing list of over 50 lakh merchants by the end of FY21.

“The announcement is in line with the company’s commitment to become the preferred financial services partner for over six crore SMEs. The company will be rolling out its UPI QR with zero transaction fees, and its recently launched zero rental, zero fees card acceptance machine (BharatSwipe) in the new cities,” it further said, adding that it would also be offering collateral-free loans of up to ₹7 lakh to merchants.

Suhail Sameer, Group President, BharatPe, said: “The pandemic has fuelled exponential growth of digital payments industry in the country as a large number of customers are opting for cashless payments. We have seen our business grow manifold over the last few months.

BharatPe’s lending vertical has scaled very well, and is on track to disburse loans of ₹1,000 crore by the end of the year, he further said.

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Published on November 19, 2020
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