The payment solution allows software platforms to facilitate direct payments between their businesses and their end users
The company claims that the solution will allow platforms to offer their clients with over 120 payment modes, without any redirects and external interfaces
End users can initiate payments and the funds are transferred to the business's designated account within the platform's environment
Fintech platform cashfree
Payments has rolled out a new payment solution for software platforms to facilitate a seamless payment experience for businesses.
The payment solution, Embedded Payments, enables software platforms, including enterprise resource planning (ERPs), customer relationship management (CRM), SaaS or billing platforms, to facilitate direct payments between their businesses and users.
Tapping this solution, platforms can offer payments as part of their business offering, the company said in a statement, adding that the solution involves seamlessly integrating financial transactions within digital platforms or applications.
Further, end users can initiate payments and the funds are transferred to the business’s designated account – all within the platform’s environment.
It is pertinent to note that onboarding a business on the new solution is a two-step process. Platforms first need to create new merchant accounts using Cashfree’s Merchant Onboarding APIs on the platform. Then, they need to embed the onboarding link within the platform to let merchants complete their KYC without navigating away from the interface.
The company claims that the solution will allow platforms to offer their clients with over 120 payment modes, without any redirects and external interfaces as provided by traditional payment gateways. Further, platforms can onboard their users as merchants, manage payments, refunds, settlements and other post-payment workflows with a simple integration.
“Innovation is the driving force behind everything we do at Cashfree Payments…. we have built a cutting-edge solution for platforms to make these integrations easy, and offer a seamless solution to effortlessly onboard businesses and manage their accounts and payments,” said Cashfree Payments’ CEO and cofounder Akash Sinha.
Founded in 2015 by Sinha and Reeju Datta, Cashfree operates a full-stack digital payments solution platform. It enables businesses to collect payments and also offers API banking solutions. The startup earns a majority of its revenue from the sale of services, with commission income comprising a majority part of it. It counts companies like Zoho, Nimbbl, Edchemy, Xpresslane as its clients.
The fintech company saw its net loss widen a whopping 46X to INR 133.1 Cr in the financial year 2022-23 (FY23) from INR 2.9 Cr in the previous year.
Its operating revenue increased 75.4%, or 1.7X, to INR 613.8 Cr in the reported fiscal year from INR 349.9 Cr in FY22.
In December last year, the fintech company secured licence from the Reserve Bank of India (RBI) to operate as a payment aggregator. Back then, it said that the approval would enable it to drive exponential growth and add new clients.
