We are super pumped!
2019 was yet another record breaking year here at Cashfree. We launched new products, grew in transactions volume, and achieved some major milestones.
We want to give you a tour of our personal best:
And there’s more…
Piloted in late 2016, Cashfree Payouts is now India’s leading disbursal platform. This year we crossed 6,00,000 transactions a day. Businesses sent money to 2.0% of all Indian bank accounts.
To strengthen the platform further, we partnered with 5+ major banks.
Here are some more developments:
We launched Payouts Direct, a smarter banking solution that lets businesses connect their existing current bank account with Cashfree and make disbursals directly from their internal system or ERP.
Explore how ICICI bank current account holders are using Cashfree ICICI connected banking flow.[The product community loved the idea and Payouts Direct was voted as a #Top5 product on Product Hunt] [Bonus: Our Product Team worked on a comprehensive report on Banking in India and how to step up banking for your businesses. Find below your guide to modern banking:
Part 2: Why do Bank Transfers Fail?
We became the first payment gateway in India to launch Instant Refunds that took processing of refunds from a week to mere seconds. Learn more.[Bonus: Our Product team created a report talking about the refunds scenario in India. Click here to download the report.]
Refunds On Whatsapp[First time in India]
We launched Cashgram – a first of its kind instant refund💸 solution in September, 2018. Since then, the product has been adopted widely by businesses including:
- Furlenco – for security amount instant refund
- Xiaomi Technology – for COD (Cash On Delivery) refunds
What’s more: Cashgram link can now be generated via the dashboard (individual or bulk) or using the API.
Instant UPI VPA or ID Verification
UPI as a payment mode saw incredible adoption in 2019 (seen both in P2P as well as B2B & B2C transactions).
With this launch now you can verify UPI IDs instantly. Be it KYC during vendor onboarding, or attempting to validate account details before making payments, we have you covered. Learn more.
Other developments include easier reconciliation, higher than industry success rate through direct bank collaborations, and intelligent rerouting, to name a few.
Cashfree Payment Gateway
We now power payments for 50,000+ Indian and global businesses across verticals like ecommerce, travel, food, fintech etc. We are working on making this even bigger. Watch this space in 2020 for a lot of activity.
Recurring payments in India made easy
We got our e-mandate licence from NPCI and became India’s most comprehensive recurring billing platform by offering recurring payments on cards (both credit and debit) and e-mandate. Now, accept repeat payments with Cashfree Subscription Management solution.
[What’s more] With Cashfree, in addition to periodic payments, you can now accept on-demand payments. Get in touch to know more.
We launched Zero Charge Pre-authorization on Credit and Debit Cards for online transactions in India. Businesses like ixigo are now making their customers happy with instant refunds on changed or cancelled orders and saving TDR for themselves.
In 2018, we were the first to provide cardless EMI options with partners like Instracred and Zest Money, along with bank EMI options. This time, we widened our payment options by partnering with Ola Postpaid, Lazypay and EpayLater.
- In-app payments enabled (Google Pay and PhonePe – check preview)
- Added the ability to opt for manual or automatic release of funds to vendors
- Support for auto adjustment of commission and refunds in vendor account
- Support to handle offers and discounts
We launched AutoCollect, Cash Management Service 2.0, to help business by matching inbound payments to customers automatically.
We enabled payments via virtual UPI IDs. This allows regular payments like school fee, loan repayments to happen directly through any UPI app such as WhatsApp, Google Pay etc.[Want to stay updated?] Connect with us on Linkedin for the exclusive preview of all our major developments.
We are grateful to…
Our users who trust Cashfree and push us harder to constantly evolve into a better version of ourselves. This year as well, a lot of the product releases which we developed were a result of direct user feedback. We want to say a huge thank you for making 2019 a terrific year!
Last, but definitely not the least, a huge shout-out to our entire Cashfree team.
We have accomplished a lot together, the journey has only just begun!
Here you can download the report