BharatPe Breaks Into Buy Now Pay Later Segment With Launch Of Postpe
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 benefit from an interest free credit limit of up to Rs10 lakh. BharatPe aims to facilitate a loan portfolio of $ 300 million on postpe in the first 12 months, for its lending partners.
Customers can open the app, scan the QR code and pay using postpe credit at merchant outlets. They will also have the option to pay via a postcard which will be accepted by millions of offline merchants as well as on e-commerce platforms. They can also unlock cash back rewards and earn rewards on their first specific stage transactions. There are no annual fees or transaction fees on payments made through the app or postpe card, the company said in a statement.
Ashneer Grover, Co-Founder and Managing Director of 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 of all, the consumer should be able to pay by credit anywhere – QR, card machine or online. Second, the consumer should be able to convert to EMI at ease and not be inconvenienced at the point of sale. Third, the merchant should not be charged for accepting payments through BNPL. “
“We find BNPL’s current games in the Indian market to be suboptimal in trying to copy the West for online cash registers while the real market in India is offline. Postpe will be the leader of the BNPL space in India because it costs merchants nothing and is universally accepted, ”said Ashneer.
Founded by Grover and Shashvat Nakrani in 2018, BharatPe aims to make financial inclusion a reality for Indian traders. In 2018, BharatPe launched India’s first interoperable UPI QR code, the first MDR zero payment acceptance service.
In 2020, after Covid, BharatPe also launched India’s only zero MDR zero card acceptance terminals – BharatSwipe. Currently, the company serves more than 70 lakh merchants in more than 140 cities. It has facilitated the disbursement of loans totaling over Rs 2,200 crore to its traders since its inception.
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