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Cashfree Rolls Out Payment Solution For Software Businesses

Inc42Inc42 · 1y ago
Cashfree Rolls Out Payment Solution For Software Businesses
Medial

Cashfree Payments has introduced Embedded Payments, a new payment solution for software platforms to enhance the payment experience for businesses. This solution enables software platforms, such as ERPs, CRMs, SaaS, or billing platforms, to facilitate direct payments between businesses and users. It seamlessly integrates financial transactions within the digital platform, allowing end users to initiate payments and transfer funds to the business's designated account within the platform's environment. Cashfree claims that over 120 payment modes can be offered without redirects or external interfaces. The solution simplifies merchant onboarding and provides easy integration for managing payments, refunds, and settlements.

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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 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 · 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.

Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence

EntrackrEntrackr · 1y ago
Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence
Medial

Infibeam Avenues has received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator under the Payment Settlements Act, 2007 for its payment gateway brand – CCAvenue. While Infibeam Avenues already received “in-principle” approval from the RBI late last year, the apex banking body has granted the final licence. RBI had introduced the payment aggregator framework in March 2020. Infibeam Avenues offers digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company’s payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks. Its enterprise software platform provides an online marketplace for government procurement. Razorpay, Cashfree, and Open were the first set of players to get the regulatory nod in December last year. Zomato, DigiO, Google, and Tata Digital among others are the other major players to get the payments licence. Infibeam Avenues claims that it has more than 10 million merchants on its platform and crossed half a million merchant onboarding in the first half of FY24. Infibeam Avenues had earlier launched CCAvenue mobile app, which is an advanced omni-channel payment app where its app features a pin-on-glass SoftPoS solution – CCAvenue TapPay for Merchants and Kiranas across the country. Infibeam Avenues had shown strong growth and this could be evident from its Q3 FY24 numbers. Its revenue from operations grew 15.4% to Rs 912 crore in Q3 FY24 whereas the firm also managed to grow its profit marginally to Rs 40.8 crore during the above mentioned period.

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