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Cashfree will double down on payment gateway business, 15,000 merchants to go live soon: CEO Akash Sinha

Money ControlMoney Control · 1y ago
Cashfree will double down on payment gateway business, 15,000 merchants to go live soon: CEO Akash Sinha
Medial

Cashfree, an Indian payment processing company, recently received the final authorization from the Reserve Bank of India to operate as a Payment Aggregator. The CEO of Cashfree, Akash Sinha, expressed excitement about the approval, stating that they have a significant number of merchants ready to go live on the platform. Sinha believes that this approval will help the company regain profitability, as they reported a loss in the previous fiscal year. Cashfree aims to focus on scaling their payment gateway business and expects to triple their transaction volumes in the next year. Additionally, they plan to expand their offerings in cross-border payments and forex.

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Cashfree launches risk management and fraud prevention tool RiskShield

Economic TimesEconomic Times · 1y ago
Cashfree launches risk management and fraud prevention tool RiskShield
Medial

Bengaluru-based payment aggregator Cashfree Payments has launched a real-time risk management solution called 'RiskShield'. The solution aims to reduce fraudulent activities by up to 40%, allowing users to block transactions from specific mobile numbers, email addresses, IP addresses, and more. Cashfree Payments' CEO, Akash Sinha, stated that RiskShield is a result of extensive research and analysis, providing merchants with a complete risk management solution. The solution incorporates artificial intelligence and machine learning algorithms to detect fraudulent transaction patterns, minimizing chargebacks and disputes for businesses. Cashfree Payments saw a 75% rise in revenue in FY23, reaching Rs 614 crore.

Cashfree’ Secure ID claims to prevent fraud worth Rs 50 Cr for businesses

EntrackrEntrackr · 10m ago
Cashfree’ Secure ID claims to prevent fraud worth Rs 50 Cr for businesses
Medial

State Bank of India-backed online payments processor and aggregator Cashfree has announced that Secure ID- it’s end-to-end solution for identity verification, risk assessment, and fraud prevention has crossed over 100 crore verifications and has prevented fraud worth Rs 50 crore for businesses. Secure ID uses AI and LLMs to easily integrate into existing workflows for businesses, ensuring a smooth user experience across onboarding, user data verification and identifying user-level fraud. According to Cashfree, its fraud detection solution offers reliability by identifying suspicious activities, anomalies, and patterns indicative of fraudulent behaviour. Additionally, SecureID provides data-driven risk scoring for informed decision-making and monitoring for potential risks in the user’s journey. Secure ID’s clients include Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited. Cashfree offers a bouquet of payment services to merchants such as payment collection services, auto collect, recurring payments, and verification services to banks. Recently, the firm received the final license for payment aggregator from the Reserve Bank of India (RBI). Moreover, the apex banking body has also allowed it to onboard new merchants. As per Cashfree, 8,000 merchants have completed their KYC formalities and are ready to go live on the platform. The move is likely to help Cashfree increase its revenue significantly in the ongoing financial year. According to data intelligence platform, The Kredible, Cashfree’s revenue from operations grew to Rs 614 crore in the fiscal year ending March 2023 from Rs 350 crore in FY22.

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