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Tag: Cashfree Payments

  • RBI’s Prepaid Payment Instrument (PPI) Licence Secured by Cashfree Payments

    The Reserve Bank of India (RBI) has granted Cashfree Payments, a prominent player in the payments and API banking industry in India, a Prepaid Payment Instrument (PPI) licence.

    The RBI has granted Cashfree Payments the Payment Aggregator (PA), Payment Aggregator-Cross Border (PA-CB), and Prepaid Payment Instrument (PPI) licenses, making it one of the first fintechs to attain these licenses. With the use of this licence, the firm will be able to offer improved digital payment options via prepaid instruments, making transactions between companies and their clients easier.

    A new avenue for innovation in the payments industry is made possible by the PPI licence. The company’s goal has always been to give Indian businesses and its clients safe, adaptable, and effective payment experiences. According to Cashfree Payments CEO and cofounder Akash Sinha, the PPI license will assist Cashfree Payments in developing products that enable online companies to maintain and expand their customer base.

    Cashfree Payments Expanding its Operations

    In July, the business acquired a cross-border payment aggregator licence, allowing import and export transactions. It happened after the RBI gave it a payment aggregator licence in December 2023, enabling it to function in the online merchant payment market.

     Cashfree Payments, which was founded in 2015 by Sinha and Reeju Datta, collects payments, pays vendors, disburses wages, reimburses expenses in bulk, and offers loyalty benefits to about 600,000 enterprises in India. The company handles transactions totalling approximately $80 billion yearly. Supported by investors including State Bank of India, Y Combinator, and Apis Partners, the business has also introduced products in eight additional nations, including the US, Canada, and the United Arab Emirates.

    The National Payments Corporation of India certified Cashfree Payments earlier this month for its Unified Payments Interface Switch service, which enables it to interface directly with any bank’s core systems to provide its merchants with greater transaction success rates.

    ‘Piramal Pay’ Likewise Also Received RBI’s Nod

    The Reserve Bank of India (RBI) has also granted permission to Piramal Payment Services Limited, a division of Piramal Capital & Housing Finance Ltd, to launch and run its “Piramal Pay” prepaid payment instrument (PPI) service.

    The company emphasised that this authorisation, which was given in accordance with the Payment and Settlement Systems Act of 2007, is a major step towards providing millions of users throughout India with cutting-edge digital financial products. With this latest accreditation, Piramal Payment Services becomes one of the few RBI-approved Payment System Operators all geared up to improve the nation’s digital transaction environment.

    The company further stated that “Piramal Pay” is intended to make financial transactions easy, safe, and convenient for both consumers and companies.

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  • Cashfree Payments Partners with NPCI to Launch ‘AutoPay on QR’ for Subscription-based Businesses

    Cashfree Payments has announced the launch of ‘AutoPay on QR’ in collaboration with NPCI. The solution would enable businesses to boost ROI on advertising expenditures.

    Cashfree Payments, a leading payment, and API banking solutions company, has announced the launch of ‘AutoPay on QR’ in collaboration with the National Payments Corporation of India (NPCI). The new solution enables subscription-based businesses to enhance their customer acquisition, support retention, and facilitate rapid growth.

    ‘AutoPay on QR’ Streamlines Subscription Onboarding

    Cashfree Payments’ ‘AutoPay on QR’ facilitates subscription-based businesses to boost return on investment (ROI) on ad spends by enabling mandate creation in just two clicks. Subscription-based businesses can seamlessly integrate their subscription QR codes into various marketing channels, including online ads, newspapers, websites, TV, and product packaging, improving the value derived from promotional campaigns.

    So far, to subscribe to an investment, content publishing, or OTT platform, customers needed to first download the app, set up an account, choose the plan, proceed with the payment service provider (PSP) app of choice, and then could access the subscription, which resulted in poor onboarding experience. Cashfree Payments ‘Autopay on QR’ now transforms the customer onboarding process into a swift two-step workflow, which includes scanning the QR code and approving an e-mandate via UPI apps within 30 seconds. This eliminates the mandate to download an app or register on the website and directly activates a unique subscription for each customer. Cashfree Payments’ ‘AutoPay on QR’ is designed to turn one-time customers into paying subscribers, swiftly, seamlessly, and securely.

    CEO & Founder’s Comment

    Commenting on the launch of the product, Akash Sinha, CEO and co-founder, Cashfree Payments, said, “We are excited to partner with NPCI and launch ‘AutoPay on QR’, which empowers businesses to offer an elevated experience during the subscription activation process, while taking greater control of their business’ growth journey. This will help the merchants convert their users into lifetime customers by making it easier for users to pay. Our commitment remains centered on addressing the needs of businesses, driving the development of innovative and efficient solutions that enhance their operational effectiveness, and foster rapid growth.”

    About Cashfree Payments

    Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, Cashfree Payments is among the leading payment service providers in India, processing transactions worth $40 billion annually. Cashfree Payments today, with over 50% market share among payment processors, leads the way in bulk disbursals in India with its Payouts and is also among the leading online payment aggregators. State Bank of India (SBI), the largest lender in India, invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. The company works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products. It is also integrated with major platforms such as Shopify, Wix, PayPal, Amazon Pay, Paytm, and Google Pay.

    Cashfree Payments enables more than 3,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty, and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the United States, Canada, and the UAE. The company is backed by Silicon Valley investor Y Combinator, Apis Partners, SBI, and was incubated by PayPal.

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