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Here at Cashfree, we had a record-breaking year in more than one way. We launched new products, added most merchants, grew 12X in transactions volume and achieved some major milestones.
We grew from a team of 10 folks to 35, got onboard global Unicorns like Xiaomi, ClubFactory, Tencent Games and Indian unicorns like Zomato.
We are proud to say that today we power payment collection and disbursal for 8000+ businesses.
Here’s a throwback…
Product Updates
Payouts
Payouts, Cashfree’s bulk disbursal solution was piloted late in 2016. In less than 18 months, we crossed 1,00,000 transactions a day. Using Payouts, businesses have disbursed money to 0.5% of all Indian bank accounts, amounting to more than Rs 5000 crores.
Here are some developments
- More Payout Modes
We added UPI, Paytm and Visa & Mastercard cards as new modes for businesses to send payouts to.
- Cashgram-One of its kind refund solution
We launched Cashgram. A weblink that a business can send to users to collect payment details and make a payment instantly. In case of COD refunds where payment details are not available, Cashgram makes refund processing smooth, user-friendly and accurate.
- Instant Bank Account Verification
Be it KYC during vendor onboarding or attempt to validate account details before making payments, we have you covered. Learn more
Read more: Why we built payouts?
Cashfree Payment Gateway
We now power payments for 8000+ businesses across verticals like ecommerce, travel, food, fintech etc.
- Recurring payments in India made easy
We enabled subscription payments on Debit & Credit cards. Watch this space in 2019 for a lot of activity.
- Buy Now Pay Later
We joined hands with Ola Postpaid, Zest Money, Lazy Pay and other leading credit providers to give end customers easy credit.
- Payment by UPI QR Codes
For businesses to unleash the power of UPI & accept payments faster. In less than 3 hours, you can now settle 1000s of payments without any manual intervention.
- Go Global
Customers like to pay in their own currency. We enabled checkout in 28+ international currencies for Cashfree merchants, imbibing confidence of shoppers in their online shopping destinations.
- EMI options
We were first to provide cardless EMI options with partners like Instracred and Zest Money. Bank EMI options have also been added to increase checkout rate for higher value ticket transactions
- Integrated refunds management on Shopify
Using Cashfree Shopify plug and play integration, now businesses can not only accept payment but, track and release refunds instantly from Shopify Dashboard itself without having to log in to any other portal.
Other developments include Pre-authorization on checkout, achieving higher than industry success rate through direct bank collaboration and intelligent rerouting to name a few.
Marketplace Settlement
Managing nodal accounts by e-commerce platforms involves complexities such as entering in direct partnership with banks, statutory audits etc. With Cashfree, merchants can now use a managed nodal account and automatically split payments with vendors after every order- all this without having to maintain a separate Nodal account.
Some Developments
- Ability to opt for and customise manual or automatic release of funds to vendors
- Auto adjustment of commission and refunds in vendor account
- Support to handle offers and discounts
Auto-collect
We launched AutoCollect, Cash Management Service 2.0 to help business payments faster by matching inbound payments to customers automatically. Read more
- Support for payments via virtual UPI IDs added: This will allow regular payments like school fee, loan repayments, apartment maintenance fees, phone bill payments to happen directly through any UPI app such as WhatsApp, Google Pay etc.
Connect with us on Linkedin where we give the first preview of all major developments.
We are grateful to…
Our users who trust Cashfree and push us harder to constantly evolve into a better version of ourselves. A lot of the product releases we came up with were a result of direct user feedback. We want to say a huge thank you for making 2018 a terrific year!
We have accomplished a lot together, the journey has just started.
