BharatPe, the fintech company for merchants, and Axis Bank, the 3rd largest private sector bank in India, entered into a strategic partnership.
- Under the partnership, Axis Bank will act as the acquiring bank for BharatPe’s point of sale (PoS) business ‘BharatSwipe’ and provide acceptance of debit and credit cards for merchants associated with BharatPe.
a.Payment Business of Axis Bank: With an installed base of over 652,026 PoS terminals, Axis Bank is the 3rd largest PoS acquiring bank in the payments acceptance business in India. It currently processes about Rs 19,000 crore of payments per month.
b.Payment Business of BharatPe:
i.By the end of FY21, BharatPe has achieved a transaction processed value (TPV) of $2 billion on PoS terminals and it set a target of $6 billion TPV by FY22.
- It intends to increase its PoS machines to 300,000 by the end of FY21.
ii.BharatSwipe: It was launched by BharatPe in 2020 as India’s 1st zero rental and zero Merchant Discount Rate (MDR) POS machine.
- With an installed base of 100,000 across 16 cities, BharatSwipe is processing around Rs 1,400 crore per month.
- Background: In 2019, the Ministry of Finance waived the MDR charges and set ‘0’ transactions charges on transactions through RuPay and Unified Payments Interface (UPI) platforms.
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Axis Bank Ltd made a multi-year agreement with Amazon Web Services (AWS), the cloud computing arm of Amazon to build a portfolio of new digital financial services with technology changes, and new payment modes for better banking experiences to customers.
About Axis Bank:
Establishment –1993 (Commenced operation –1994)
Headquarters – Mumbai, Maharashtra
MD & CEO – Amitabh Chaudhry
Tagline – Badhtika Naam Zindagi
Headquarters – New Delhi
CEO, Co-Founder – Ashneer Grover