Leading payments and API banking solutions company, Cashfree Payments, today announced that it continues leading the payments disbursal in the country with over 50% market share. The company’s bulk disbursal product, Payouts, surged over 100% in FY22 compared to FY21. The ease of on boarding, seamless integration, quick turnaround time, better user experience and customer-centric support systems have helped the company to serve its customers while leading disbursals.
Cashfree Payments helps businesses make payouts instantly via multiple methods: Bank accounts, UPI ID, IMPS, NEFT, Paytm, Amazon Pay, cards and native wallets, 24X7 even on bank holidays. The system verifies the new beneficiaries, instantaneously adds as well as activates them, enabling them to make accurate payouts every time. It is highly reliable, scalable and resilient with risk mitigation features such as fraud detection and API level security. The company’s Payouts suite is designed to address all needs and issues of the businesses through its product innovations like Cashgram and Global Payouts.
The reforms and growth that the Indian economy is seeing has resulted in a surge of interest for digital payments, and contactless payments are becoming the new normal. In FY22, Cashfree Payments has seen merchants from e-commerce and financial services sectors leading the growth in disbursals.
At present, Cashfree Payments has been doing peak processing of 1000 payouts per second. Cashfree Payments’ disbursal platform is helping thousands of merchants in making over 2 million disbursals a day to beneficiaries. Payouts to UPI handles has grown over 562% in FY22 compared to the same period a year ago while IMPS has grown consistently at 91.3% in FY22 over FY21.
Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We believe that the Indian economy has leaped into a new phase of growth where it calls for an increased adoption of digital payments. Through Payouts, we are ensuring seamless disbursals of payments, wages, rewards and refunds, among others, for the convenience of businesses and users alike. Payouts suite is significant for businesses looking to expand and grow as it offers a wide range of solutions for varying needs of the customers. Our products range from collecting and disbursing payments to a verification suite, softPOS and banking APIs covering the entire array of payments solutions needs of companies. Cashfree Payments aims to solve critical business problems using technology and innovation. With a future ready mindset, we look ahead for greater achievements, growth and value for all stakeholders.”
Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE.