BharatPe: History, Growth, Share/Stock Price, News & Updates
BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani in 2018 with the objective of making financial inclusion a reality for Indian merchants.
About BharatPe: BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani in 2018 with the objective of making financial inclusion a reality for Indian merchants. BharatPe launched India’s first UPI interoperable QR code, the first ZERO MDR payment acceptance solution, and the first UPI payment-backed merchant cash advance service.
BharatPe in India
In 2020, BharatPe also unveiled India’s unique ZERO MDR card acceptance terminal – BharatSwipe. Currently serving over 60 lakh merchants across 100 locations, the company is a pioneer in UPI offline transactions, executing 8 crore+ UPI transactions every month. The company has already facilitated a payout of over Rs 1,200 crores to its merchants since its debut.
BharatPe’s POS business is clocking above Rs. 900 crores/ month. BharatPe has raised close to US$ 270 million in equity and debt, to date. The company’s roster of notable investors includes Tiger Global, Sequoia Capital, Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, etc. BharatQR, developed by NPCI, Mastercard, and Visa, is an integrated payment system in India for mobile devices.
History Bharatpe
The technology, which was established in September 2016, helps customers to move their money from one source to another. The money transferred using BharatQR is received directly in the user’s associated bank account. It provides a standard interface between RuPay, Mastercard, Visa and American Express, and is compatible with all banks.
Currently, BharatQR is supported on both Android and iOS devices. BharatQR was introduced in September 2016 as per the directives provided by the Reserve Bank of India to aid India in moving to a less-cash society.
The technology aids in enabling digital payments to reduce the utilization of card machines for payment. A lot of banks backed BharatQR, before the system was announced, and prepared ready to install it.
Growth Bharatpe
Although BharatQR primarily operates by scanning QR codes, it is not the sole means to make payments. It allows users to pay through Aadhaar number, UPI payment address or account number, and IFSC code, thus, decreasing the need to pay using debit and credit cards which are, reportedly, less safe than BharatQR. The system also offers Dynamic QR code generation which eliminates the need to enter the amount for payment.
This payment system supports RuPay, Mastercard, Visa, American Express, and the payment systems of 14 other national banks. Multiple cards can be attached to BharatQR-compatible bank apps and users can select any one of them to handle transactions conveniently for bank customers, partners, and retailers.
Development Bharatpe
BharatQR allows faster & safer way of transactions with Immediate Payment Service (IMPS) (IMPS). There is no need to share your mobile number account data, or your CVV with anyone. NPCI, Mastercard, and Visa created BharatQR with provisions for three new fields: bank account and IFS (Indian Financial System) code, Unified Payments Interface (UPI), and Aadhaar.
These new fields allow banks the flexibility to enter them when QR-based payments scale throughout the country. American Express is also on board to embrace these criteria.