Bengaluru-based payments and banking technology company, Cashfree, has launched its payments toolkit for e-commerce stores and marketplaces in India.
The company said in a statement, “With a host of specific solutions, this product suite enables e-commerce businesses to collect payments on the website, mobile app or any social media channel using the Cashfree’s payment gateway, and to process partial or full refunds, facilitate seller payouts, split payments with multiple sellers and affiliate partners, and more.”
The statement added, “Through Cashfree’s e-commerce suite, businesses can tailor-make their own payments infrastructure as per their needs. This includes facilitating payment collection on websites, mobile apps,for retail ventures on social media (Facebook, Instagram, Twitter, WhatsApp) and other multi-seller platforms. Currently, Cashfree’s solutions are used by over 10000 e-commerce platforms including Nykaa, Furlenco, EaseMyTrip, Wakefit, VeroModa among others. In 2020, Cashfree processed more than 2 crore transactions from e-commerce orders and expects to onboard 5000 e-commerce companies by the end of the year.”
Akash Sinha, CEO and Co-founder says, “As the first digital payments platform in India to enable customer payment collection, refunds and disbursals, we want to help e-commerce stores and online marketplaces grow their businesses. Cashfree’s all-new e-commerce payments suite will not only help businesses digitise their cash transactions, but also provide customised and convenient payments experiences to customers, improving satisfaction scores while significantly reducing transaction failures and cart abandonments. With our tailor-made fintech-based products, we aim to push boundaries for the online retail space through consistent innovation and industry-first digital payments solutions.”
“In 2020, we saw e-commerce transactions on our platforms drop by nearly half during the lockdown in March as compared to January. The subsequent months saw a steady uptick of transactions, peaking in July 2020 with 7x growth as compared to March 2020,” added Akash Sinha.
“Businesses can integrate Cashfree’s e-commerce suite directly with their existing online stores and marketplaces, and avail advanced payment gateway features such as instant settlements, pre-authorization on card payments etc. Additionally, Cashfree’s e-commerce suite helps split payments with multiple sellers and affiliate partners, thereby simplifying third-party management. The company also offers offline transactions and payments settlements using APIs, providing flawless customer experience with enhanced reliability and user satisfaction,” the statement said.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.