BharatPe launches consumer payments offering, rebrands postpe app
Through the UPI TPAP offering, customers can create their UPI ID on the BharatPe app to make payments to both individuals and merchants and also pay various bills directly through the app.
Fintech firm has ventured into consumer payments with the launch of its UPI TPAP (third party application provider) offering.
The Delhi-based company has also rebranded its postpe BNPL app to BharatPe.
Through the UPI TPAP offering, customers can create their UPI ID on the BharatPe app to make payments to both individuals and merchants and also pay various bills directly through the app, said the company in a statement.
“Over the years, we have been able to empower over 1.3 crore merchants with our innovative products across payments and credit. With our UPI TPAP, we aim to enable millions across Bharat to make seamless and secure UPI transactions, for their individual as well as business needs,” said Nalin Negi, CEO, BharatPe.
“The foray into the consumer payments category will help us to further propel adoption of digital payments and drive financial inclusion across the country,” he added.
The company has partnered with Unity Bank to facilitate the TPAP, which will be available on Play Store for Android users. Users can also create a custom handle with the @bpunity extension.
The BharatPe app supports a variety of payment options, such as scan and pay, payments to merchants and banks, UPI ID transfers, bank transfers, balance checks, and utility bill payments for categories like prepaid, postpaid, gas, and insurance, said the company.
Users can also purchase discounted gift vouchers for electronics, entertainment, fashion, food, travel, and wellness.
Additionally, the new app features UPI Lite, allowing users to preload their wallet and make transactions up to Rs. 500 without a UPI PIN.
The company has also rebranded its postpe app to BharatPe. Launched in 2021, postpe is a buy-now-pay-later (BNPL) product which allows users to purchase items and pay for them at a later date.
“Observing significant interest in the consumer payments product space, we wanted to introduce a UPI payment offering for consumers. This also enables to complete the cycle and offer both consumer and merchant payments," said Kohinoor Biswas, Business Head - Consumer, BharatPe.
"Rebranding our consumer app as BharatPe aligns with our goal of providing a unified brand and platform for both consumers and merchants,” added Biswas.
Edited by Swetha Kannan