"The funding will fuel our mission of democratising digital payments for merchants, and make UPI a preferred way to pay," BharatPe CEO and co-founder Ashneer Grover said.
Unified Payments Interface (UPI) is an immediate real-time payment system that helps in instantly transferring the funds between the two bank accounts through a mobile platform.
Grover added that over the last few months, the company has been able to transform payments for over six lakh merchants in India.
"They now have a single QR code for all UPI payments, from any payment app. BharatPe facilitates 10 per cent of overall UPI merchant transactions in the country and accounts for one per cent of overall UPI," Grover said.
A quick response (QR) code is a form of barcode label which contains machine-readable information.
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