Cashfree Payments Pilots Cross Border Payments

SUMMARY

Fintech startup Cashfree Payments has pilot launched cross border payments in partnership with Swiggy, Zepto, Nature’s Basket, Nykaa, Bookmyshow, Redbus and Vedantu
This pilot programme caters to UPI and RuPay card users, which are not typically recognised for global transactions
The Bengaluru-based startup also received RBI’s prepaid payment instrument (PPI) licence, a few weeks ago, to facilitate purchase and fund transfer against a preloaded value

Months after securing the Payment Aggregator Cross Border (PA-CB) licence, fintech startup Cashfree Payments has now joined hands with some major Indian companies to enable overseas customers to make payments in the country.

This pilot programme caters to UPI and RuPay card users, which are not typically recognised for global transactions.

As per ET, the Bengaluru-based company has partnered with foodtech major Swiggy, quick commerce giant Zepto, premium grocery platform Nature’s Basket, online beauty and fashion retailer Nykaa, online ticketing platform Bookmyshow, online travel reservation platform Redbus and edtech company Vedantu.

Inc42 has reached out to Cashfree for comments on the development. The story will be updated based on the response.

“We are piloting with half a dozen sizable merchants that will be over by the end of this year,” the report quoted chief executive Akash Sinha as saying.

“If you are SaaS customer and the services range above $10,000- $20,000, you can’t ask your customer to make payments through credit cards because of the charges involved, we give these merchants an account and money can be collected seamlessly,” Sinha added.

Founded in 2015 by Sinha and Reeju Datta, Cashfree operates a full-stack digital payments solution platform. It also received the Reserve Bank of India’s prepaid payment instrument (PPI) licence, a few weeks ago, to facilitate purchase and fund transfer against a preloaded value.

Cashfree Payments reported its net loss widened by 2.17% to INR 136 Cr in the financial year 2023-24 (FY24) from INR 133.1 Cr in the previous fiscal year.

However, the Bengaluru-based startup’s operating revenue increased by 4.19% to INR 639.3 Cr in the year under review from the reported INR 613.6 Cr in FY23.

Weeks following Cashfree’s licence approval, three other labels including fintech startup BillDesk, Amazon Pay India, and global payments major Adyen received the Reserve Bank of India’s (RBI) approval to operate as cross-border payment aggregators.