BharatPe Unveils ‘Shield’ Against Online Payment Frauds

SUMMARY

‘Shield’ service will be available for free to users making their first UPI transaction

The fintech unicorn provides a technology platform and various digital services to its users and earns revenue from transaction and service fee

BharatPe claims to have a registered network of over 1.3 Cr merchants across 450 cities

Fintech major BharatPe has launched a new initiative ‘Shield’ to protect its users from falling prey to digital transaction frauds.

As part of the programme, users making their first UPI transaction with the BharatPe App will receive 30 days of complementary fraud protection for amounts up to INR 5,000, the company said in a statement.

It further said that the ‘Shield’ service will be available for free to users making their first UPI transaction through the BharatPe App and after the initial 30-day free trial, they can continue the service for a nominal charge of INR 19 per month.

Founded in 2018, BharatPe claims to have a registered network of over 1.3 Cr merchants across 450 cities. The startup has facilitated disbursement of loans of over INR 12,400 Cr till date in partnership with NBFCs.

The fintech unicorn provides a technology platform and various digital services to its users and earns revenue from transaction and service fee, and allied payments. It acts as a lending services provider (LSP) for its financing partners and also provides digital services to its merchants.

Nalin Negi, CEO at BharatPe, said, “At BharatPe, safeguarding consumer transactions from online fraud has always been a priority. With the introduction of BharatPe Shield, we are empowering our users with a fraud protection plan that secures their everyday transactions. This is yet another step toward strengthening the security of the UPI ecosystem for our customers.”

This development comes three months after BharatPe ventured into the consumer payments space with the roll out of its UPI third party application provider (TPAP) service.

The UPI TPAP service is available on the play store for Android users, and BharatPe has partnered with Unity Bank to enable this new offering.

In October, BharatPe’s consolidated revenue from operations grew 39% to INR 1,426 Cr in the financial year 2023-24 (FY24) from INR 1,029 Cr in FY23.

Recently, BharatPe settled its two-year-long legal dispute with its former managing director Ashneer Grover, bringing to an end the two-year battle.

It has raised a total funding of about $830 Mn till date and counts the likes of Peak XV, Ribbit Capital and Beenext, among others, as its investors.