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Cashfree receives NPCI certification for its own UPI switch

Economic TimesEconomic Times · 9m ago
Cashfree receives NPCI certification for its own UPI switch
Medial

Cashfree Payments has received certification from the National Payments Corporation of India for its UPI Switch service. This certification allows Cashfree to directly integrate with any bank's core banking software, resulting in a higher transaction success rate for its merchants. With this certification, Cashfree can settle around 12,000 transactions per second. The UPI Switch was developed in collaboration with NSDL Payments Bank as the sponsor bank. This achievement will lead to a 5% increase in Cashfree's transaction success rates, faster merchant onboarding, and improved control over the payments process. Cashfree Payments is a leading payment aggregator trusted by over 600,000 businesses, processing transactions worth $80 billion annually.

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

EntrackrEntrackr · 11m 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.

Cashfree Payments raises $53 Mn led by KRAFTON

EntrackrEntrackr · 6m ago
Cashfree Payments raises $53 Mn led by KRAFTON
Medial

Cashfree Payments raises $53 Mn led by KRAFTON The capital will strengthen Cashfree’s payments and market reach while enabling synergy with KRAFTON to drive innovation across digital sectors. Payments firm Cashfree Payments has raised $53 million (Rs 450 crore) in a funding round led by Korean digital entertainment giant, KRAFTON and existing investor Apis Growth Fund II, a private equity fund managed by Apis Partners Group. The capital will strengthen Cashfree’s payments and market reach while enabling synergy with KRAFTON to drive innovation across digital sectors, the Bengaluru-based company said in a press release. According to TheKredible, Cashfree has raised approximately $95 million over its nine-year journey from investors including Y combinator, Smilegate Investments and State Bank of India (SBI). This is the first external fundraise for the company since June 2021. Cashfree Payments provides businesses with a fast and easy way to collect payments online, make payouts, improve conversions, and verify identity and detect fraud during KYC and onboarding. With popular merchant platforms like Shopify, Wix, WordPress, WooCommerce, and WhatsApp, Cashfree enables businesses to start transactions in 24 hours. The Akash Sinha-led company claims to enable large businesses to process 12,000 transactions per second during peak demand. It has also introduced Embedded Payments, allowing platforms, ERPs, and SaaS businesses to easily and compliantly integrate payments as a feature into their products. Cashfree recently launched Secure ID, an identity verification stack with a comprehensive suite of APIs and KYC components, addressing the surge in fraud. As per the company, SecureID has completed more than 1 billion identity and user verifications to date. Besides India, Cashfree Payments is expanding its footprint in the UAE and sees significant growth potential offering payments and related products across the Middle East. Despite facing a ban on onboarding new merchants for most of FY24, Cashfree's revenue from operations grew by 4.7% to Rs 642.7 crore from Rs 613.8 crore in FY23. However, the company's net loss remained unchanged at Rs 135 crore for the fiscal year ending March 2024. It majorly competes with Razorpay, PayU, BillDesk, and CCAvenue.

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