Fintech company BharatPe on Wednesday said that its POS business, BharatSwipe, had become profitable within two years after the product's launch. The company said this was the country's fastest-ever launch to profitability narrative for any brand in the Point-of-Sale (POS) sector.
"BharatPe launched BharatSwipe, its disruptive card payment acceptance machine, in the second half of 2020. This was India’s first zero rental Swipe machine that witnessed an overwhelming response from its early days," the company said in a statement.
BharatSwipe currently accounts for over 20 percent of the business's total payments Transaction Processed Value (TPV) on an annual basis, according to the company, and is the country's No.2 private POS player, with around 2 million units deployed across 250+ cities
The company's founder Shashvat Nakrani, who also spearheaded the launch and scale-up of BharatSwipe, 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 monthly."
He said the company was committed to scaling the business and aiming to end this financial year with $6 billion in annualised TPV.
"Earlier this year, we had announced a strategic partnership with Ingenico and will be launching the new Axium POS machines coupled with PPaaS soon," Nakrani said.
He also stated that the company would launch new offerings such as consumer credit and loyalty and rewards features on its POS devices to help its merchants sell more and develop their businesses.
Suhail Sameer, CEO, Bharat said, “It was not so long ago that we ventured into the hyper-competitive POS category with yet another disruptive product from the BharatPe stable."
He noted that over 60 percent of the POS merchants were first-time card machine users. "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,” Sameer said.
BharatSwipe enables retailers to accept payments from various credit and debit cards while incurring no transaction fees. Merchants may accept QR payments via dynamic QR produced on the Swipe machine using BharatSwipe.
One of the most desired features of the application is its ability to generate real receipts for QR payments made using BharatPe's UPI QR. It also has a 'holiday settlements' function, which allows businesses to receive payments even on bank holidays, providing liquidity at all times.
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