Tag: Cashfree Payments

Business

Cashfree Payments secures RBI’s Payment Aggregator Cross-Border (PA-CB) license

Jul 29, 2024 by Mansi Praharaj 0 Comments #Akash Sinha, #Cashfree Payments, #Co-founder & CEO

Bangalore, July 29 2024: Cashfree Payments, India’s leading payments and API banking company, announced that it has become the first payment service provider to receive the Reserve Bank of India’s Payment Aggregator license for cross-border payments, for both imports and exports. This approval allows the company to extend its cross-border payment solutions to Indian exporters, freelancers, global businesses, regulated entities etc, to enable them to collect and make payments.

Akash Sinha, CEO & Co-Founder, Cashfree Payments

On the development, Akash Sinha, Co-founder & CEO, Cashfree Payments said, ”With the Payment Aggregator-Cross Border (PA-CB) license, we are now well-positioned to support global businesses and globally regulated entities collecting payments in India. The license also enables us to offer Indian exporters and freelancers with cross-border payment solutions. This license will foster international trade and economic growth while building a robust cross-border payments ecosystem in India.”

Cashfree Payments’ International Payment Gateway enables merchants to accept payments from 180 countries and 30 currencies worldwide via cards, PayPal, ACH and other local payment methods on their websites or through payment links, instead of doing expensive wire transfers.. Additionally, international merchants and foreign websites can collect money from Indian consumers via UPI, bank transfers, and cards.

In December 2023, Cashfree Payments secured RBI Payment Aggregator license, becoming one of the first few players to receive it. It processes transactions worth USD 80+ billion annually and is used by over 6,00,000 businesses for digital payment solutions.. The company has been at the forefront of redefining the way businesses approach digital payments, onboarding and payouts through its wide range of tech-first offerings. Over the last few months it has introduced industry-first products like FlowWise for payment orchestration, KYC Link, Risk Shield for fraud monitoring and more. Outside of India, Cashfree Payments is expanding its presence in the UAE region through its acquired partner, Telr.

Cashfree Payments partners with EasyTransfer to make international university fee payments easier for Indian students
Business

Cashfree Payments partners with EasyTransfer to make international university fee payments easier for Indian students

Jun 6, 2022 by Agency 0 Comments #Cashfree Payments, #EasyTransfer, #international university

Cashfree Payments a leading payments and API banking solutions company, has partnered with Singapore-headquartered cross-border education payment services platform EasyTransfer to offer a faster, easier, and cheaper platform for Indian students to make fee payments to universities and educational institutions abroad. With this partnership, Indian students will now be able to make educational payments directly through their existing bank accounts, eliminating the need to set up a new account specifically for making such payments.

Cashfree Payments’ Payment Gateway offering will enable payments using payment modes like internet banking and UPI, and leverage its network of banking partners for remittance abroad. Cashfree Payments also ensures collection of relevant KYC of the payer and supporting documents for reporting under the Liberalised Remittance Scheme, in a streamlined digital flow. The fund settlement will occur through Authorized Dealer Banks, and directly go out to universities outside of the Indian Territory, ensuring a secure and smooth transaction. This solution enables all sorts of education-related payments, including application and tuition fees, to international universities.

The EasyTransfer payments platform for Indian students will be launched by early June. It will be fully customized for Indian international students and their families. EasyTransfer has built a team of payment professionals who speak in multiple languages – such as English, Hindi, and Urdu – and are well versed in India’s highly regulated payments environment, including the extensive documents required for sending funds abroad.

Reeju Datta, Co-founder, Cashfree Payments said, “Partnering with EasyTransfer enables us to easily extend our payment solutions directly to Indian students, facilitating easier, faster, more convenient, and more efficient international education payments. We will continue our efforts to build such effective solutions for our partners, which help to create superior customer experiences.”

Tony Gao, Co-founder and President of EasyTransfer shared, “Traditionally, students are required to visit educational and banking institutions in person to submit their relevant documents and send money overseas. EasyTransfer and Cashfree Payments have streamlined India’s Liberalised Remittance Scheme (LRS) declaration process, allowing payments to be completed fully online. Our online know-your-customer (KYC) system for payers also helps to quickly and easily validate resident credentials, a crucial and often cumbersome requirement in India.”

 

EasyTransfer is trusted by more than 280,000 students and families and has an annual transaction volume set to reach US$3.5 billion in 2022. The company offers a streamlined, user-friendly online interface to students and their families in their native language, enabling users to complete all their education payments, compliance paperwork, and progress tracking with ease.

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. 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.

Cashfree Payments partners with EasyTransfer to make international university fee payments easier for Indian students
Business

Cashfree Payments partners with NPCI for tokenization of RuPay cards

Jun 2, 2022 by Agency 0 Comments #Cashfree Payments, #NPCI, #RuPay cards, #tokenization

Cashfree Payments, a leading payments and API banking solutions company, today announced that it has partnered with National Payments Corporation of India (NPCI) to provide tokenization solutions on RuPay cards for its merchants. Cashfree Payments’ tokenization solution ‘Token Vault’ helps merchants to provide their customers the option to save cards on the merchant website or app and process card payments securely while being RBI compliant. With this partnership, Cashfree Payments becomes a certified and compliant payment tokenization service provider across key card networks like RuPay, Mastercard, and Visa.

Token Vault supports all major card types: credit cards, debit cards, prepaid cards, and corporate cards. Businesses can integrate Token Vault API with their platform with a single integration. Once integrated, Cashfree Payments takes care of both saved card function & processing payments.

Akash Sinha, CEO & Co-Founder, Cashfree Payments said, “We are glad to partner with NPCI to enable tokenization for RuPay cards and empower our merchants with a secure and compliance-friendly payments inflow system. At Cashfree Payments, it is our focus to build innovative and effective solutions, to help provide a simpler, safe and seamless experience to our merchants. Our business, products, vision and mission support a digital and an inclusive Indian economy.”

GaurishKorgaonkar, Head- Fintech Solutions, NPCI said, “This partnership with Cashfree payments to provide tokenization solutions on RuPay cards will enable cardholders to enjoy a seamless payment experience backed by best-in-class security. We believe that this is yet another step towards further strengthening the overall digital payments environment with increased safety and security. We are confident that this initiative will help various merchants in the digital ecosystem meet the RBI deadline.”

As per RBI guidelines, with effect from 1st July 2022, neither businesses nor payment aggregators can save customer card details on their platforms. The card details can only be saved by the card networks or issuing banks. Card tokenization is the process of replacing sensitive card information like card number, and card expiry with a cryptographically generated random string, referred to as the card token. Once a card is tokenized, the generated card token can be used for processing payments as a substitute to card details, thus eliminating risk of loss of sensitive card information while making card payments.

Cashfree Payments’ was among the first few players in the industry to go live with its tokenization solution in December 2021.

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. 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.

Akash Sinha, CEO and Co-Founder, Cashfree Payments
Technology

Cashfree Payments expands its MENA presence through investment in UAE-based Payment Gateway, Telr

Nov 30, 2021 by Rekha Nair 0 Comments #Akash Sinha, #Cashfree Payments, #CEO and Co-founder, #CEO and Founder, #Khalil Alami, #Telr

Bengaluru/Dubai, 30 November 2021: Leading payments and API banking solutions company, Cashfree Payments (Cashfree) announced an equity investment of $15 million in Telr, a leading Payment Service Provider (PSP) in UAE and Saudi Arabia. With this investment, Cashfree becomes one of the largest shareholders in the company.

Cashfree has already established itself as one of the leaders in the payment solutions space in India, with successful operationalization and scale-ups of industry-first solutions. Moreover, this strategic investment in Telr, will enable the company to launch its distinctive offerings in the MENA region utilizing Telr’s strong presence and payment infrastructure. In addition, Cashfree and Telr aim to develop a unified cross-border payments platform that would help Indian merchants accept payments from customers in the MENA region and vice-versa, via a single integration.

Telr, the UAE based award-winning payment gateway solutions provider, offers a unique platform that enables handling payments in over 120 currencies and 30 languages with the highest level of security. Through a single integration, Telr grants access to every payment method it offers, including Visa, Mastercard, American Express, UnionPay, Apple Pay, PayPal, SADAD, Mada and STCPay.

With its one-stop mindset, Telr extended its services even further, offering a complete solution for the ecommerce world, covering a wide range of financial and business services including, social commerce, QR Codes, digital invoicing, Telr Buy Now Pay Later (BNPL) in collaboration with Tabby, Telr Finance in collaboration with LNNDO, a merchant financing program, and Telr Shops the easy-to-use tool for creating an online store in minutes.

The investment is highly significant for Cashfree as the MENA region offers a large, attractive and growing online market, with payments representing the highly developed sub-sector within the region’s fintech space. The MENA region is witnessing a continuous transition towards cashless transactions, with traditional brick-and- mortar businesses moving towards expanding online offerings. The e-commerce businesses are also witnessing a drastic shift from high street to online shopping and this trend is expected to grow even more.

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We are elated with the strategic investment in Telr, which aligns well with our aspiration to be the leader in the rapidly evolving digital payments space in the MENA region and overall global expansion goals. Telr’s trusted presence and significant operations in the MENA region provides us an exciting opportunity. We are grateful to our key institutional investor Apis for helping us source and execute this strategic investment. We look forward to nurturing our partnership with Telr by leveraging our learnings and experience from the Indian market and enhancing our reach in the MENA region by introducing novel offerings.”

Khalil Alami, CEO and Founder, Telr said, “We are excited about this new investment into Telr. Joining forces with Cashfree Payments will further enable us to continue on our innovation and growth journey. Our offerings and partnerships aim to assist in reaching an integrated e-commerce ecosystem supporting the UAE in its transition into a cashless economy; and contributing to the KSA vision 2030. In short, this combined effort will translate into greater benefits for our customers and the markets we operate in.”

With over 50% market share among payment processors, Cashfree today leads the way in bulk disbursals in India with Cashfree Payouts. Recently, India’s largest lender, SBI invested in Cashfree underscoring the company’s role in building a robust payments ecosystem. Cashfree 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 products are used in eight other countries including the USA, Canada and UAE.

Akash Sinha, CEO and Co-Founder, Cashfree Payments
Business

Cashfree Payments named to the 2021 CB Insights Fintech 250 List of Top Fintech Startups

Oct 9, 2021 by Rekha Nair 0 Comments #Akash Sinha, #Cashfree Payments, #CB Insights CEO Anand Sanwal, #CEO and Co-founder

Bengaluru– CB Insights today named leading payments and API banking solutions company, Cashfree Payments to the fourth annual Fintech 250, a prestigious list of emerging private companies working on groundbreaking financial technology. This year’s list was unveiled on stage at CB Insights’ Future of Fintech conference in New York City.

“This is the fourth class of the Fintech 250, and it’s also the most international, representing 26 countries. These 250 fintech startups are attacking an incredibly diverse array of financial services opportunities across 19 sectors, including digital banking, insurance, payroll, retail investing, and more,” said CB Insights CEO Anand Sanwal. “After being named to the CB Insights Fintech 250 last year, the 2020 class saw 17 companies go public and 25 get acquired. They also went on to raise over $25B in additional financing and forged more than 380 new partnerships after being recognized. The Fintech 250 has a history of spotlighting the very best fintech companies, and this year is no different. We’re excited to see how these fintech startups disrupt and transform financial services in the years ahead.”

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We are delighted to be recognised by CB Insights and named to the prestigious Fintech 250 list. This honour validates our efforts to constantly build innovative and effective solutions for the financial ecosystem. The groundbreaking solutions that we have developed, such as Payouts, are aimed at creating value at scale for our stakeholders and enhancing their operational abilities. The favourable regulatory environment in India, alongside the country’s healthy competitive ecosystem, have enabled us in this endeavour. We will continue with our vision to develop efficient and effective offerings that will contribute to the country’s financial inclusion imperative.”

Through an evidence-based approach, the CB Insights Intelligence Unit selected the Fintech 250 from a pool of over 17,000 companies, including applicants and nominees.They were chosen based on several factors, including data submitted by the companies, company business models and momentum in the market, and Mosaic scores, CB Insights’ proprietary algorithm that measures the overall health and growth potential of private companies.

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with Cashfree Payments Payouts. 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.