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BharatPe, MobiKwik see rise in number of new merchants

Mumbai: Like Paytm Struggling with a regulatory crisis, it fintech Peers are attempting to take advantage of the opportunity and gain market share. While the big players prefer phonepe Certainly other companies also benefit from deeper pockets, broader reach and resources. bharatpay And MobiKwik It also seems to be beneficial.
Industry sources said BharatPe has seen a huge increase in merchant onboarding in tier-2 and -3 cities, which translates to a growth of almost 95% month-on-month during the period of February 1-7. It has also managed to add more merchants from metros to sign up for its services. It is learned that the company saw a growth rate of over 104% month-on-month in metros during this period.
IPO-bound MobiKwik has seen growth in both app downloads and merchant acquisitions since February 1. Sources said offline and online merchant gross merchandise value has increased by 20-40% for the Gurgaon-based firm.
A source with direct knowledge of the matter said, “MobiKwik is doubling the sales force to take advantage of this opportunity. It is also looking to expand its offline presence heavily across mom and pop stores, petrol pumps and organized retail chains. Investing.” The company has seen a surge in orders for its Soundbox and is expanding the availability of the devices, its QR and POS machines. BharatPe did not respond. MobiKwik declined to comment citing IPO promotion guidelines.
Walmart-owned PhonePe had earlier said it has seen a surge in requests from merchants for QR and smart speakers. “Although Paytm is stating that their app is up and running, trust in Paytm’s message has now diminished. All companies will use this opportunity to gain market share. If companies have the right price point , then merchants will want to switch to a stable option. Moreover, most small merchants do not view brands much differently,” said digital banking consultant Parijat Garg.
“Big players like PhonePe have such a presence in the market that they would like to take advantage of it in a big way,” Garg said.

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