Axis Bank is the third largest PoS acquiring bank in the payments acceptance business in India, with an installed base of over 652,026 PoS terminals spread across India. The bank currently processes about ₹19,000 crore of payments per month.
BharatPe launched its PoS machine, BharatSwipe, last year as India’s first zero rental and zero merchant discount rate (MDR) PoS machine. The statement said that the BharatSwipe business has scaled up rapidly, and now contributes 20% to the overall payments Transaction Processed Value (TPV) of the company. BharatPe has an installed base of over 100,000 PoS machines across 16 cities in the country and facilitates transactions of over ₹1,400 crore every month. BharatPe clocked annualized transaction value of $2 billion on the PoS terminals at the end of FY21 and has set a target of $6 billion in annualized TPV by the end of FY22.
Sanjeev Moghe, executive vice-president and head (cards and payments) at Axis Bank said the bank has been continuously working on partnership-led models and digital solutions to expand offerings to the merchant community.
“This partnership aids our commitment to drive digital adoption across the ecosystem and achieve the goal of financial inclusion by bringing technological access for digital payments to all segments of the society. Further, we look forward to partnering with other fintechs and e-commerce players to help them ensure merchant stickiness on their QR code installations by providing co-branded PoS plus QR and several other value-added services," said Moghe.
Suhail Sameer, chief executive officer, BharatPe, said the company witnessed phenomenal growth in the PoS business and aims to enable 50 million transactions and scale the PoS business by thrice in the next 12 months.
“We are targeting tripling our PoS deployment to 300,000 machines by the end of current fiscal," said Sameer.