Axis Bank partners BharatPe for merchant acquiring business

Private sector lender Axis Bank has partnered with BharatPe to expand its merchant acquiring business in the country. As a part of the partnership, Axis Bank will be the acquiring bank for BharatPe’s retail location (PoS) business, BharatSwipe, and will provide acceptance of credit and debit cards for merchants associated with BharatPe.

With more than 600,000 PoS terminals spread across the whole country, Axis Bank is the third biggest PoS obtaining bank in the payments acceptance business and prepared around ₹19,000 crore worth of volumes in a month.

Then again, BharatPe’s PoS machine BharatSwipe has an installed base of 100,000 across 16 urban cities, processing around ₹1,400 crore each month. BharatPe timed an annualized transaction value of $2 billion on PoS terminals toward the finish of FY21. The organization has set an objective of $6 billion in transaction processed value (TPV) by FY22.

“This association will help BharatPe upgrade merchant experience by utilizing the top tier technology platform offered by Axis Bank. Traders would now be able to appreciate quicker payment processing, a more secured platform, alongside host a features”, the bank said in a statement.