BharatPe is a New Delhi-based platform for financial services that is known for processing payments via POS and UPI and providing loans and credits to merchants in India. Recently, the financial technology start-up had announced on Wednesday that it has expanded its presence to over 100 cities across India.
According to multiple reports, it is mentioned that this expansion of BharatPe across 100 Indian cities is in line with its previous commitment to offer financial inclusion beyond Tier-I cities. The company is presently targeting Tier- II, Tier- III and Tier- IV cities across India with this expansion plan. Merchants in Tier -I cities are now well-versed with digital payment systems and freely except digital payments without a hint of hesitation, but this not the case with Tier- II or Tier -III cities. BharatPe aims to target those set of consumers who live in non-metro areas across India enabling them to understand and implement the use of financial technology services such as BharatPe.
The start-up aims to enable every merchant in the country to leverage the power of financial technology and understand the concept behind digital payments, empowering them to adopt this safe and secure digital payments infrastructure. As mentioned by the company, this expansion to over 100 cities across India have encouraged merchants and owners of the shops to adopt digital services to grow their business.
According to a report by Business World, new cities added to the company’s portfolio includes Nagpur, Hosur, Bilaspur, Raipur, Vellore, Guwahati and Bhubaneshwar. Other than this, Mathura, Amritsar, Vellore, Agra, Varanasi, Nainital, Allahabad, Coimbatore and Kochi.
Nishant Jain, CBO at BharatPe mentions in a statement that with the rapidly growing acceptance and usage of UPI systems across India. He added that the start-up aims to provide the correct credit platforms, right payments etc. to make a positive difference in the lives of more than a million unbanked or underserved merchants.
As mentioned in a report by Business World, this expansion of BharatPe is in symmetry with its experience and growth in Tier-II markets over the past one year. The COVID-19 pandemic has made it very essential for businesses to have a digital backbone. The start-up also helps support Prime Minister Narendra Modi’s ‘Atmanirbhar Bharat’ initiative for India as its robust financial payment infrastructure will most likely generate over 90 million jobs in the coming future. The pandemic has also increased the country’s digital usage and it further helps the government of India ‘Digital India’ scheme.