Cashfree Payments launches one-step UPI payment solution for mobile-first businesses
BENGALURU, India, Sept. 18, 2023 /PRNewswire/ — Cashfree Payments, India’s leading payments and API banking company, announced the launch of UPI Plug-in, which enables mobile-first businesses to collect UPI payments from customers without the need for them to exit the application. This solution has been created in partnership with NPCI and Axis Bank, ensuring complete security and compliance.
Cashfree Payments’ UPI Plug-in simplifies the UPI payment process by increasing conversion rates, reducing customer drop offs and improving customer experience. The customer only needs to provide their 4 or 6-digit UPI PIN after clicking ‘Pay Now’ to complete the transaction. With UPI Plug-in, businesses have more visibility over the customer’s payment journey, as the customer does not leave the app. This helps businesses to effectively capture the buyer’s intent and optimise their strategy to target customers who are actively considering making a purchase.
Cashfree Payments’ UPI Plug-in offers the end user a smooth, convenient and seamless payment experience. The solution is useful for businesses operating in various sectors such as travel aggregators, transportation services, e-commerce, food delivery, and quick commerce.
Akash Sinha, CEO and Co-Founder, Cashfree Payments, said, “UPI payments have been a key factor in India’s booming e-commerce and mobile-first industries. However, the lack of transparency regarding customer drop-offs during the payment process and reliance on third-party UPI apps have emerged as significant concerns for these businesses. To address this, Cashfree Payments has launched a solution designed to enhance the success rate of UPI payments while providing greater visibility into the customer’s payment journey. By prioritising speed, security, and convenience in UPI payments, we are pushing the boundaries of innovation and advancing towards our vision of improving digital payments for the benefit of India’s businesses and economy.”
Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives at NPCI said, “We are thrilled to witness Cashfree Payments embrace our UPI Plug-in framework solution which will significantly improve the checkout experience for in-app purchases. The payments landscape is undergoing a digital transformation, and notably, UPI has paved the way for India’s remarkable global success. It is of utmost importance for UPI to continue iys evolution and stay aligned with the ever-changing dynamics of the market. We are confident that this innovative solution will benefit both businesses and customers.”
Commenting on the announcement, Sanjeev Moghe, President & Head – Cards & Payments, Axis Bank, said “Axis Bank has been one of the pioneers in developing innovative solutions in UPI to provide simplified payments experience to its customers. Solutions like Plug-in SDK allows a faster checkout through In-App payments where the user does not need to open any other UPI App for completing the payment. This will lead to faster check-outs, less drop-offs, higher transaction completion rates and better payment experience for the customer.”
About Cashfree Payments
Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payment solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account veriﬁcation API, Lending disbursals solution and Auto Collect — a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 40 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. 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 USA, Canada, and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payment Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag) and Bharat Billpay.
NPCI is focused on bringing innovations in the retail payments systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payment solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.
For more information, visit: https://www.npci.org.in/
About Axis Bank:
Axis Bank is one of the largest private sector banks in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture, and Retail Businesses. With its 4,945 domestic branches (including extension counters) and 15,798 ATMs across the country as on 30th June 2023, the network of Axis Bank spreads across 2,754 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge, Axis Pension Fund and Axis Bank Foundation.
For further information on Axis Bank, please refer to the website: https://www.axisbank.com
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