BharatPe UPI is All Set to Compete Against GPay, PhonePe & Paytm!

In a strategic move aimed at expanding its footprint in the digital payments ecosystem, BharatPe, a leading fintech firm, has ventured into the consumer payments space by rebranding its postpe app to the BharatPe app. This bold rebranding thrusts BharatPe into direct competition with established players like PhonePe, Google Pay, and Paytm, setting the stage for an intense rivalry in the peer-to-peer (P2P) payments sector. Explore with TICE how BharatPe's UPI will disrupt the market! 

BharatPe's UPI App & New Opportunities

With this new iteration, the BharatPe app now allows users to generate their own Unified Payments Interface (UPI) IDs directly through the platform, empowering them to make seamless payments to both individuals and merchants. Additionally, the app facilitates a wide range of utility bill payments, offering users a comprehensive digital payment experience. To bolster its capabilities as a third-party application provider (TPAP), BharatPe has partnered with Unity Bank, ensuring a secure and efficient payment process.

BharatPe UPI Lite: A Faster, PIN-Free Payment Option

One of the standout features of the newly rebranded app is the introduction of UPI Lite. This feature enables users to preload an online wallet and carry out transactions up to ₹500 across both P2P and peer-to-merchant (P2M) scenarios without the need to input a UPI PIN, making small payments quicker and more convenient. This enhancement is particularly appealing to customers who prioritize speed and simplicity in their digital transactions.

BharatPe is already a heavyweight in the UPI offline transactions landscape, boasting a network of over 1.3 crore (13 million) merchants across India. With this extensive merchant base, the company processes more than 370 million UPI transactions each month. By integrating its robust merchant network with its newly enhanced app, BharatPe aims to strengthen its position and capture a larger share of the digital payments market.

BharatPe Vs. PhonePe, Google Pay, and Paytm

The Indian UPI ecosystem is currently dominated by PhonePe, which holds a commanding 48% market share in both P2P and P2M transactions. Google Pay follows with approximately 37%, while Paytm secures around 8%. BharatPe's rebranded app is clearly positioned to take on these major players, offering features and functionalities designed to appeal to both existing and new users.

India's Emerging UPI Market

While PhonePe, Google Pay, and Paytm maintain strong positions, several new UPI apps are steadily gaining traction in the market. CRED, for instance, has emerged as the fourth-largest player in UPI payments. Other notable contenders like Axis Bank Apps, Amazon Pay, Navi, ICICI Bank Apps, FamPay by Trio, and Kotak Mahindra Bank Apps are also clocking significant transactions. In July, WhatsApp Pay achieved the 11th spot, outpacing competitors like BHIM, Groww, Slice, MobiKwik, and Flipkart UPI. Among these rising players, Navi, led by Sachin Bansal, saw a remarkable jump in transactions from 35 million in June to 68 million in July.

What Lies Ahead for BharatPe?

As BharatPe ventures into this fiercely competitive space, it will be interesting to see how it positions itself against the top players and leverages its unique features to attract more users. Meanwhile, the National Payments Corporation of India (NPCI) has deferred the implementation of a 30% market share cap on third-party apps, giving all players more room to grow and strategize.

BharatPe’s entry into the consumer payments arena is a significant development that could potentially reshape the dynamics of the UPI ecosystem in India. The coming months will reveal whether the rebranded app can carve out its own niche in a market dominated by giants.