1 min read.Updated: 06 Oct 2021, 01:26 PM ISTNeil Borate
BharatPe currently serves over 70 lakh merchants in more than 140 cities. It has facilitated disbursement of loans totalling over Rs2,200 crore to its merchants since launch
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MUMBAI: BharatPe, one of India’s fastest growing fintech companies, on Wednesday announced its foray into the ‘Buy Now Pay Later’ (BNPL) segment, with the launch of ‘postpe’.
postpe provides credit to customers. Customers can download the app from Play Store and avail interest-free credit limit of up to Rs10 lakh. BharatPe aims to facilitate a loan book of $300 million on postpe in the first 12 months, for its lending partners.
Customers can open the app, scan QR code and pay using postpe credit at merchant outlets. They will also have the option to pay via a postpe card that will be accepted across millions of offline merchants as well as on e-commerce platforms. They can also unlock cashbacks and win rewards on their first and specific milestone transactions. There is no annual fee or transaction charges on payments done via the postpe app or card, the company said in a statement.
Ashneer Grover, co-founder and managing director, BharatPe, said, “We are excited to shake up the Buy Now Pay Later (BNPL) category. Postpe is a product built on 3 simple principles. First, the consumer should be able to pay using credit everywhere – QRs, Card Machine or Online. Second, the consumer should be able to convert into EMI at ease and not be inconvenienced at point of sale. Third, the merchant should not be charged for accepting payments through BNPL."
“We find the current BNPL plays in Indian market suboptimal in trying to copy the West for online checkouts whereas the true market in India is offline. Postpe will be the leader in BNPL space in India by virtue of being no cost to merchants and universal acceptance," Ashneer said.
Founded by Grover and Shashvat Nakrani in 2018, BharatPe aims to make financial inclusion a reality for Indian merchants. In 2018, BharatPe launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service.
In 2020, post-Covid, BharatPe also launched India’s only zero MDR card acceptance terminals – BharatSwipe. Currently the company serves over 70 lakh merchants in more than 140 cities. It has facilitated disbursement of loans totalling over Rs2,200 crore to its merchants, since launch.