How BharatPe Makes Money

BharatPe gives merchants a single UPI QR code with no fee on UPI payments and earns from the products it sells on top. The largest is credit: collateral-free business loans underwritten on a merchant's QR transaction history and repaid through small daily deductions from settlements. Financial services, mainly this lending, made up about 60% of FY2025 revenue, close to ~$116 million (₹1,000 crore). The loans are funded by partner NBFCs and by BharatPe's own NBFC, Trillion Loans, which handled 25 to 30% of disbursals. The second line is devices: BharatSwipe card machines and soundboxes rented to merchants. The third is payment processing, now including online payments under an RBI payment aggregator licence received in April 2025. Consumer products, such as the Unity Bank BharatPe RuPay credit card and the Zillion loyalty programme, sit on the side. In FY2025, service fees (processing charges, loan commissions and device rentals) were ~$169 million (₹1,456 crore) of the ~$193 million (₹1,667 crore) operating revenue and the NBFC added ~$24.5 million (₹211 crore).

Since 2023 BharatPe has grown by going deeper with the merchants it has. Lending stays at the centre: it added secured two-wheeler loans with OTO Capital and loans against mutual funds with Volt Money in August 2024, onboarded more NBFC partners in FY2025 and raised its Trillion Loans stake from 51% to 74%. Payment acceptance is the second push, with card machines and soundboxes; Himanshu Verma was appointed head of the POS business in March 2026. On the consumer side it runs a UPI payments app, the Zillion loyalty programme and, since August 2025, a no-fee RuPay credit card with Unity Bank that turns spends into EMIs of up to 12 months. Products that relied on peer-to-peer lending were scaled back after RBI tightened those rules in 2024.