BharatPe, on Tuesday, said it has become the third-largest player in the merchant UPI payment acceptance space.

The company recorded ₹3,334 crore in transaction value for November and processed 6.15 crore transactions last month.

With this, BharatPe said it has toppled Google Pay from the third position. “BharatPe has been outgrowing the market and has doubled its market share in the UPI P2M merchant payment acceptance category since April 2020,” it said in a statement.

In November, it reached an all-time high five per cent market share by transaction value and 7 per cent market share by transaction volume.

“The volume of transactions processed by BharatPe standalone last month is greater than the combined UPI P2M transaction volume of JIO, Zomato, Swiggy, CRED, FlipKart, CashFree, IRCTC and MPL,” it said.

Suhail Sameer, Group President, BharatPe, said the company is looking at bigger targets ahead.

“We intend to grow our business five times in the next two years to cross $30 billion total payment value. We are bullish on lending, and aim to disburse loans of $1 billion to small merchants and kiranas by 2023.”

Bharatpe had recently announced aggressive expansion plans across Tier-1, 2 and 3 cities, and intends to scale up its presence to 65 cities by March 2021 from over 50 cities at present.