2017-18 is the third year we’ve been in operations; so we decided to talk about our numbers.
2017-18 has been a satisfying year.
We’re the first Indian payment gateway to support bulk payouts to bank accounts. Cashfree’s Smart Payouts is built to be a simple, developer-friendly alternative to processing bulk transfers via bank accounts.
A favorite Payouts use case is a delivery company whose Partner App allows delivery boys to withdraw due wages into their bank accounts at the click of a button. Delivery partners who were earlier paid weekly now earn daily, or even multiple times a day.
We also launched Auto Collect for businesses that need to accept a large number of NEFT-IMPS-RTGS payments on a daily basis and had to manually reconcile these payments.
The latest product launch was Easy Settlements — built for marketplaces that need to collect payments and also settle money to vendors without having to handle the money.
We also put in a lot of work on the Payment Gateway. Success rates and security have been our guiding principles. New banks and rerouting logic were added to further improve success rates. As we scaled, we felt the need to manage transaction risk better. We sat down with the good folks at Paypal Risk and absorbed their learnings. Coupled with our own additions, the result is a best in the class risk management system.
The next generation of Payment Gateways will do much more than help businesses accept card and net banking payments on a website. At Cashfree, we try to define what the next generation will look like.