BharatPe, one of India’s fastest-growing fintech companies, has announced that it has achieved a big milestone by clocking 106 million transactions/ month in the UPI QR payments category in March 2021.
BharatPe continued its trend of outgrowing the market, with an 8.8pc market share. It also announced that it retained the No. 3 position in the UPI P2M category, the spot that it had achieved in November 2020 by displacing Google Pay. BharatPe recorded US$ 830 mn worth of transactions (US$ 10 bn annualised) in March 2021.
Over the last 12 months, BharatPe has grown exponentially and has been able to establish itself as one of the fastest adopted payment systems in the UPI person-to-merchant (P2M) segment. The company has recorded a growth of 7x in volume of UPI transactions from April 2020 to March 2021. Additionally, its UPI payments vertical grew by 23.7% from February to March 2021.
India has seen a phenomenal growth in digital payments over the last one year. UPI payments more than doubled from 1.0 billion transactions in April 2020 to 2.7 billion transactions in March 2021, with the TPV growing from US$ 22 billion to US$ 72 billion in March 2021. As per a recent report by ACI Worldwide and Global Data, India has outpaced USA and China to become the world’s biggest real-time digital payments market, driven by P2P as well as merchant payments.