The offering seamlessly integrates with the businesses' websites and also by brands hosted on popular platforms like WooCommerce and Shopify
BNPL Plus caters to a wide range of D2C businesses including ecommerce, edtech, travel, and hospitality
By integrating this no-code widget, businesses would be able to reduce customer drop-offs and increase conversion rates
Fintech platform Cashfree Payments has launched ‘BNPL Plus’, to enable businesses to increase visibility of affordable and flexible payment options to their customers.
The offering seamlessly integrates with the businesses’ websites and also by brands hosted on popular platforms like WooCommerce and Shopify, said the startup in a statement. Once integrated, BNPL Plus will use intelligent personalisation to automatically show customers the most attractive offers and no-cost EMI options.
The product leverages Cashfree Payments’ BNPL suite offering 36 different EMI and pay-later choices. BNPL Plus caters to a wide range of D2C businesses including ecommerce, edtech, travel, and hospitality.
Speaking on the launch, Akash Sinha, CEO and cofounder of Cashfree Payments said that BNPL Plus is a solution that would enhance the country’s digital shopping experience, unlocking greater value for D2C businesses.
“In a competitive market, Indian sellers require extensive tools and a seamless customer journey to support their high-quality products. ‘BNPL Plus’ tackles the issue of large upfront payments for customers, a concern that often leads to cart abandonment. This widespread issue results in businesses losing over 30% in annual sales revenue,” said Sinha.
By integrating this no-code widget, businesses would be able to reduce customer drop-offs and increase conversion rates.
In fact, the startup claimed that businesses including Ahoy Bikes and FujifilmX have seen remarkable sales growth by integrating BNPL Plus into their websites. While bicycle seller Ahoy Bikes saw a 50% increase in sales after implementing the product on their website, Fuji Digital Cameras dealer FujifilmX registered a substantial 30% boost in sales of their premium products within a few weeks of deploying it.
Founded in 2015 by Sinha and Reeju Datta, Cashfree Payments operates a full-stack digital payments solution platform, which enables businesses to collect payments while also offering API banking solutions. Today, it claims to be processing transactions worth $40 Bn annually. Besides India, Cashfree Payments products are used in eight other countries including the USA and Canada.
Cashfree Payments is integrated with major platforms such as Paypal, Amazon Pay, Paytm, Shopify, Wix, and Google Pay.
The startup has raised over $40 Mn in multiple funding rounds. In its last funding round in June 2021, Cashfree raised an undisclosed amount of funding from the State Bank of India (SBI) at a post-money valuation of $200 Mn.
Cashfree Payments is also backed by investors including Y Combinator, Apis Partners, and Smilegate.
Recently, a report emerged saying that the startup was exploring a strategic sale. Pine Labs was said to be leading the race to acquire it. However, Cashfree Payments has rubbished any such development, calling it “completely baseless and misleading”.
Earlier this year, the startup also sacked 80 employees as part of an organisational restructuring exercise, joining several other Indian startups to take the layoff route amid a severe funding crunch.
Meanwhile, last year it also came under a probe by the Enforcement Directorate (ED) along with other fintech players including Paytm and Razorpay in connection with an investigation involving Chinese loan apps.