Bengaluru-based payments and banking technology company, Cashfree, today launched its payments toolkit for e-commerce stores and marketplaces in India. With a host of specific solutions, this product suite enables e-commerce businesses to collect payments on the website, mobile app or any social media channel using the Cashfree’s payment gateway, and to process partial or full refunds, facilitate seller payouts, split payments with multiple sellers and affiliate partners, and more. Through Cashfree’s e-commerce suite, businesses can tailor-make their own payments infrastructure as per their needs. This includes facilitating payment collection on websites, mobile apps,for retail ventures on social media (Facebook, Instagram, Twitter, WhatsApp) and other multi-seller platforms. Currently, Cashfree’s solutions are used by over 10000 e-commerce platforms including Nykaa, Furlenco, EaseMyTrip, Wakefit, VeroModa among others. In 2020, Cashfree processed more than 2 crore transactions from e-commerce orders and expects to onboard 5000 e-commerce companies by the end of the year.
Akash Sinha, CEO and Co-founder says, As the first digital payments platform in India to enable customer payment collection, refunds and disbursals, we want to help e-commerce stores and online marketplaces grow their businesses. Cashfree’s all-new e-commerce payments suite will not only help businesses digitise their cash transactions, but also provide customised and convenient payments experiences to customers, improving satisfaction scores while significantly reducing transaction failures and cart abandonments. With our tailor-made fintech-based products, we aim to push boundaries for the online retail space through consistent innovation and industry-first digital payments solutions. A recent RedSeer report noted that the share of CoD orders in India’s e-commerce shipments has reduced to 28% for August and September 2020, as compared to 41% during pre-Covid months. Cashfree’s e-commerce suite allows businesses to accept customer payments on their website, mobile app, social media channels or via payment link, offering 100+ payment options including UPI, wallets, EMI and Pay Later methods, among others. It includes Cashfree’s seamless payment gateway for websites and mobile apps, with a wide range of web and mobile checkout integrations. Businesses can also send their customers link-based payments where links are used to collect payments on WhatsApp or other social media channels. In 2020, we saw e-commerce transactions on our platforms drop by nearly half during the lockdown in March as compared to January. The subsequent months saw a steady uptick of transactions, peaking in July 2020 with 7x growth as compared to March 2020, added Akash Sinha.
Businesses can integrate Cashfree’s e-commerce suite directly with their existing online stores and marketplaces, and avail advanced payment gateway features such as instant settlements, pre-authorization on card payments etc. Additionally, Cashfree’s e-commerce suite helps split payments with multiple sellers and affiliate partners, thereby simplifying third-party management. The company also offers offline transactions and payments settlements using APIs, providing flawless customer experience with enhanced reliability and user satisfaction. Recently, Cashfree also launched Global Payouts – a cross-border payments solution that helps global businesses send money to their partner sellers and service providers in India directly to their local bank account in India. While on the beneficiary side it helps exporters and professionals in India expand their horizon to new geographies and increase revenue while getting faster access to their funds. A pioneer in digital payments solutions for businesses, Cashfree had previously launched its Instant Settlement feature, helping businesses access funds within 15 minutes of payment capture via its payment gateway. The feature helps online businesses with increased working capital availability and has reportedly seen rapid adoption. With this, the startup is in the works of launching e-mandates via UPI, to further fine-tune the payments infrastructure for businesses and end customers. About Cashfree: Cashfree is a payments and banking technology company that enables businesses in India to collect and send money via all available methods with a single integration. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, more than 50,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty, and rewards. Incubated by payments pioneer PayPal, Cashfree is backed by Apis Partners, Smilegate and Y Combinator.