BharatPe Ventures Into Consumer Payments Space

Fintech unicorn BharatPe has ventured into the consumer payments space with the roll out of its UPI third party application provider (TPAP) service.

The company said in a statement that the new offering will serve all those BharatPe customers who use digital payments, expanding its reach and capabilities in the digital payments landscape.

The company has also announced the rebranding of its Postpe app to BharatPe.

The company further said that customers can create their UPI ID on the BharatPe app to make payments to individuals and merchants, as well as pay various bills. Users can select a handle with the extension @bpunity.  

Nalin Negi, CEO at BharatPe said, “With our UPI TPAP, we aim to enable millions across Bharat to make seamless and secure UPI transactions, for their individual as well as business needs. The foray into the consumer payments category will help us to further propel the adoption of digital payments and drive financial inclusion across the country.”

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.

Negi added that, in the coming months, the company will introduce a range of new features on the BharatPe app and will also launch the app on the App Store.

Kohinoor Biswas, business head- consumer, BharatPe, said “Rebranding our consumer app as BharatPe aligns with our goal of providing a unified brand and platform for both consumers and merchants.”

BharatPe is a fintech company providing digital payment and financial services to small merchants and grocery stores. The BharatPe app supports various payment functions, including Scan and Pay, UPI transfers, bank transfers, and utility bill payments. 

The new app also features UPI Lite, which allows customers to preload an online wallet and make transactions up to INR 500 for both P2P and P2M payments without needing a UPI PIN.

It is pertinent to note that in 2021, BharatPe entered the coveted unicorn club after bagging $370 Mn in its Series E funding round led by Tiger Global at a valuation of $2.85 Bn. 

This development comes amid an ongoing legal dispute between BharatPe and its former managing director, Ashneer Grover, concerning an alleged confidentiality breach. In November last year, BharatPe approached the Delhi High Court seeking an injunction against Grover for disclosing confidential information related to the firm.

The dispute intensified when Grover shared details about equity allocation and secondary components from BharatPe’s Series E funding round on X. This post was later removed. 

A few days back the Delhi High Court appointed a sole arbitrator to resolve the legal conflict between BharatPe and Grover.