SUMMARY
BharatPe said that BharatPe One integrates point-of-sale (PoS), QR code scanner, and speaker in a single device
BharatPe One will be launched in over 100 cities in India in its first phase and the fintech giant plans to ramp up its distribution to 450 cities in the next six months
Just a day ago, BharatPe rival Paytm launched two new variants of its flagship Soundbox
Fintech giant bharatpe
has launched a new ‘all-in-one’ payment device ‘BharatPe One’ that integrates point-of-sale (PoS), QR code scanner, and speaker.
The device offers dynamic and static QR code, tap-and-pay and traditional card payment options for debit and credit cards, the startup said in a statement.
The Android-powered device is equipped with an HD touchscreen display and can be used with 4G and Wi-fi connections. The startup, however, did not disclose the price point for its new device.
“With BharatPe One, we bring another disruptive product that will transform the digital payments landscape, enhancing efficiency and convenience for millions of offline merchants across the country. By combining multiple functionalities into one cost-effective device, we’re providing a comprehensive solution tailored to the varied needs of small and medium businesses across diverse sectors,” BharatPe CEO Nalin Negi said.
It is pertinent to note that BharatPe recently elevated Negi as the full time CEO. He took over as interim CEO of BharatPe after Sameer Suhail stepped down in January 2023.
Meanwhile, BharatPe said in its latest statement that BharatPe One will be launched in over 100 cities in India in its first phase. Further, it plans to ramp up the distribution of BharatPe One to 450 cities in the coming six months.
“BharatPe One has been designed as ‘the one-stop device’ to offer a unified and seamless our merchants in the pilot phase and we reckon that this will be another game changer for the digital payments ecosystem, further consolidating our position as a trailblazer in the fintech industry,” BharatPe’s CBO-PoS Solutions Rijish Raghavan said.
With this, the startup is looking to further solidify its position in the PoS devices market. It forayed into space in the latter half of 2020 with the launch of BharatSwipe, a card acceptance terminal.
In 2022, it claimed that its PoS business had turned profitable, with BharatSwipe contributing over 20% to the overall payments transaction processed value (TPV) of the company annually.
Over the course of 2023, the fintech major also introduced new devices that offer services like QR code payments, credit card bill payments, and utility payments. In August 2023, it announced the launch of its new Android PoS terminal, BharatPe Swipe Android. At that time, it said it planned to double its PoS network of over 2 Lakh POS machines in over 400 cities within a year’s time.
While announcing its FY23 financials, BharatPe claimed that it saw a significant increase in the installation of its soundbox devices. Meanwhile, its consolidated operating revenue jumped 125% year-on-year to INR 1,028.9 Cr in FY23, while net loss increased 12% to INR 926.9 Cr.
In the PoS terminal market, the fintech giant competes with the likes of Paytm, PhonePe, and GooglePe. According to a recent Mordor intelligence report, the size of the payment devices market stands at $33.2 Bn in 2024, and is expected to reach $63.2 Bn by 2029.
Coincidentally, BharatPe One’s launch announcement came a day after Paytm launched two new variants of its flagship Soundbox. In a statement, the company said that the new ‘Made In India’ devices offer a better battery life, sound quality, and can support notifications in 11 languages, including English, Hindi, Gujarati, Odia, Marathi, Telugu, and Tamil.
