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.