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How Axis Bank Helped Cashfree Solidify Its Payments & Improve User Experience

SUMMARY

Cashfree Payments was launched to curb the hassles of cash transactions and transform customer experience

It partnered with Axis Bank in 2021 to help businesses automate escrow transactions and enjoy a seamless payment experience

According to Cashfree Payments’ founder Akash Sinha, Axis Bank has enabled the fintech startup to process substantially improved transactions per second (TPS) with a success rate of well over 95%

In a landscape dominated by digital transactions, fintech startups are redefining traditional banking by extending financial services to a broader swath of the Indian population — many of whom were previously underserved. Given this massive opportunity, India’s fintech market is poised for significant growth, with projections showing a potential to reach  $2.1 Tn in market size, expanding at an 18% CAGR.

Nonetheless, incumbent banks remain indispensable due to their longstanding trust and reliability. Embracing the agility, technological innovation and customer-centric approaches of fintechs, these established players are actively adapting to the digital landscape to ensure their continued relevance and growth. Rather than a competitive landscape, it’s an ecosystem of collaboration where fintechs can leverage the banks’ extensive customer base, regulatory know-how and financial muscle.

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