In a significant achievement, merchant payments firm BharatPe has toppled Google Pay to become #3 in UPI P2M. BharatPe confirmed that it has become the 3rd largest player in the Merchant UPI payment acceptance space. The company has recorded Rs 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.

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"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," BharatPe said in a statement.

Talking about the milestone, 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!”
 
Commenting on the same, Suhail Sameer, Group President, BharatPe, adds, “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.”