BharatPe’s buy now pay later (BNPL) subsidiary postpe has emerged as one of the fastest growing products in the BNPL industry with an annualised transaction processed value (TPV) of Rs 2,400 crore in just three months of launch. The company has also extended a credit line worth Rs 1,000 crore in partnership with its lending partners.
In a release, BharatPe said that postpe is likely to grow two times in the last quarter of the financial year as the Ashneer Grover-founded fintech company eyes an annualised TPV of Rs 4,500 crore in the last quarter of FY22.
"Over the last 3 months, we have been able to facilitate credit to 3 lakh plus customers and are hoping to touch 8 lakh customers by March. We had initially set a target of facilitating a loan book of Rs 2,000 crore on postpe in the first 12 months, for our lending partners. However, we have already surpassed this milestone and are now targeting annualised TPV of Rs 24,000 crore by end of 2022," BharatPe CEO Suhail Sameer said.
According to the release, postpe has received an overwhelming response in the last 90 days and currently has 1.8 million downloads and 1.5 million registered users. Users get interest-free credit limit of up to Rs 10 lakh. postpe is the first BNPL product to offer universal usage on QR codes, card and online, it claimed. This implies that customers can choose to pay by scanning QR at BharatPe merchant outlets or pay via VISA card for POS and online transactions.
Besides this, customers can also take money into their bank or send to other postpe customers using the ‘send money’ feature and enjoy discounts and offers across platforms across industries like Swiggy, BookMyShow, Pharmeasy, Tata Clip and EazyDiner.
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