Tag: Mr. Suhail Sameer

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BharatPe topples Google Pay to become #3 in UPI P2M

Dec 10, 2020 by Rekha Nair 0 Comments #BharatPe’, #CEO, #co-Founder, #Group President, #Mr. Ashneer Grover, #Mr. Suhail Sameer

Mumbai: BharatPe, India’s largest merchant payments company announced that it has become the 3rd largest player in the Merchant UPI payment acceptance space. The company has recorded INR 3,334 crores (US$ 479 million) in transaction value for the month of November, displacing Google Pay from the No. 3 position. The company shared that it processed 6.15 crores transactions in November 2020.

BharatPe has been outgrowing the market and has doubled its market share in the UPI P2M merchant payment acceptance category since April 2020. In November 2020, BharatPe has reached all-time high 5% market share by transaction value and 7% 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.

Talking about the milestone, Mr. Ashneer Grover, Co-Founder and CEO, BharatPe, said, “BharatPe is an Indian startup and it is a proud moment for us to displace a global behemoth like Google Pay from the No. 3 position. The offline retail market is, in order of magnitude, larger than the online/ecommerce market in a country like India and digitizing fast. BharatPe’s differentiated financial services proposition focused at the merchant outweighs all other services being targeted by other UPI / VAS players. Big congratulations to BharatPe team for having delivered growth in 26 / 28 months since inception and growing 4X through COVID!”

Added Mr. Suhail Sameer, Group President, BharatPe, “The BharatPe team is extremely excited and enthused with this achievement. We are gearing up for new challenges and are committed to empower merchants to scale their business. We have bigger targets ahead of us. We intend to grow our business five times in the next 2 years, to cross US$ 30 bn TPV. We are bullish on lending and aim to disburse loans of US$1 bn to small merchants and kiranas by 2023.”

BharatPe offers a range of fintech products to help small merchants grow their business.  These include industry’s first interoperable UPI QR with zero transaction fee, a range of credit and insurance products, the POS machine and digital gold. Also, it offers attractive collateral-free loans of upto Rs. 7 lakhs at competitive interest rates to merchants. BharatPe has a unique loan hybrid repayment model with a combination of daily QR/ POS collection and weekly payments made directly from the bank account to the merchants availing loans. The company announced its aggressive expansion plans across Tier-1, 2 and 3 cities in the country. The company is currently present in 50+ cities and plans to scale up its presence to 65 cities by Mar 2021.

Business World

BharatPe’s POS business grows to US$ 2bn annualized transaction value in 3 months ~ Targets US$ 5bn annualized transaction value from POS by the end of FY21

Nov 27, 2020 by Gouri Achary 0 Comments #BharatPe’, #BharatSwipe, #Mr. Suhail Sameer

BharatPe, India’s largest merchant payments company, today announced that it has recorded the fastest ever scale up on POS in the industry. BharatPe’s POS business has grown to US$ 2bn annualized transaction value in just 3 months post the launch. The company announced that its POS business now contributes to 25% of the annualized transaction value. The company currently offers this product in 10 cities of the country and plans to ramp it up to 40 cities by the end of the current fiscal year. It has set a target of US$ 5bn POS annualized transaction value from the POS business by end of FY21.

BharatSwipe, the POS machine from BharatPe launched in the second half of 2020 is India’s first zero rental card machine that offers the merchants the option for zero transaction charges. It allows the merchants to accept payments from a range of credit and debit cards. Additionally, the merchant can generate a receipt for both card and QR transactions. BharatSwipe has received an overwhelming response from small merchants across industries including kirana store owners, restaurant owners as well as entrepreneurs with 4-5 outlets.

Talking about the success of BharatSwipe, Mr. Suhail Sameer, Group President, BharatPe, said, “BharatSwipe has been one of our biggest success stories. In just about a quarter, our POS business is now 1/4th of our annualized transaction value. We launched the POS machine with zero rental and zero transaction fee which resonated well with the merchant community and helped us get a headstart in this competitive market.

This success is also a testimony of our in-depth understanding of small merchants’ financial services requirements. Interestingly, 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. We currently have close to 35,000 machines in the market and are targeting 1,00,000 POS machines deployment by the end of the current fiscal. 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.”

BharatPe offers a range of fintech products to help small merchants grow their business. These include industry’s first interoperable UPI QR with zero transaction fee, a range of credit and insurance products, the POS machine and digital gold. It recently announced its aggressive expansion plans across Tier-1, 2 and 3 cities in the country. The company is currently present in 35+ cities and plans to scale up its presence by adding another 30 cities to its list by December 2020.

Business World

BharatPe announces massive expansion plans: Aims to scale up to 65 cities by December 2020

Nov 20, 2020 by Gouri Achary 0 Comments #BharatPe’, #expansion, #Mr. Suhail Sameer

BharatPe, India’s largest merchant payment company, today announced aggressive expansion plans across tier-1, 2 and 3 cities in the country. The company, that is currently present in 35+ cities, plans to substantially scale up its presence by adding another 30 cities to its list by December 2020. The cities, spread across India, 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, amongst others. The company aims to add another 3 million merchants to its existing list of over 5 million merchants by the end of FY 21.

The announcement is in line with the company’s commitment to becoming the preferred financial services partner for over 60 million SMEs (Small and Medium Enterprises) in India. The company will be rolling out its one-of-a-kind interoperable UPI QR with zero transaction fees, and it’s recently launched zero rental, zero fees card acceptance machine (BharatSwipe) in the new cities. Additionally, BharatPe would be offering attractive collateral-free loans of upto Rs. 7 lakhs at competitive interest rates to merchants, with the objective of helping them grow their business. BharatPe will offer its hybrid repayment model with a combination of daily QR/ POS collection and weekly payments made directly from the bank account to the merchants availing loans.

Speaking on the expansion, Mr. 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. Our payments vertical has recorded consistent double-digit growth on a month-on-month basis. Also, our lending vertical has scaled very well and we are on track to disburse loans of Rs. 1000 crores by the end of the year.”

Added Suhail “We are committed to creating a well-rounded financial ecosystem for SMEs with our variety of products including payments, loans, gold and insurance. This decision to double our footprint in the country is in line with this. We have handpicked cities that are either business hubs or emerging commercial centres, for this phase of expansion. We look forward to enabling millions of more businesses in the new cities we are venturing in.”

BharatPe will be rolling out its range of financial services for merchants, across all the new cities. These include Amritsar, Kota, Guntur, Kakinada, Rajahmundry, Jodhpur, Coimbatore, Madurai, Nagpur, Kochi, Trichy, Raipur, Trivandrum, Bilaspur, Durg Bhilai, Gwalior, Jabalpur, Kolkata, Patna, Ranchi, Bhubaneswar, Guwahati, Jamshedpur, Chennai, Agra, Allahabad, Aurangabad, Dehradun, Patiala, Rohtak, Silchar, Agartala, Shillong and Varanasi.