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Looking back at 2020, how much do you think COVID-19 affected the way we live? Well, if you ask the NPCI, they’ll surely have a story to tell with numbers. From December 2019 to December 2020, India has witnessed a 110% increase in the value of transactions and a 71% increase in the volume of transactions for NPCI’s UPI ( Unified Payment Interface) alone. So what changed?
With the country in a nationwide lockdown for the majority of 2020, more and more consumers and businesses are now going online.
Although there is an upward trend in the volume of online transactions carried out on E-commerce platforms and other websites. Cash on delivery (COD) still dominates the Indian E-commerce market.
Why does COD dictate the Indian market?
Here are a few reasons why:
– Doubt over product quality
– Security concerns over online fraud
– Lack of Awareness about sharing bank account details securely
One can easily empathize with the Indian market’s hesitancy to share their banking details over text, email, or a phone call fearing fraud. The trait of being better safe than sorry often comes at the cost of increased frustration, inefficient communication, and delayed processes.
Now let’s take the case of COD refunds? So how will the business –whose product you purchased and found unsatisfactory — return your money to you? Usually, this is where things get incredibly difficult for online businesses, especially e-commerce platforms. Swift refunds and a sound refund policy give a great customer experience and improve brand trust, but on the other hand, slow refunds breed detractors, social media rants, and paint a very bad image for your brand. Slow refunds happen to be the largest source of support queries with most e-commerce customer support teams devoting at least 50% of their time to refund-related queries.
Businesses spend a lot of resources and time trying to capture the accurate bank details of customers. This usually entails endless back and forth communication and very often ends up in incorrect transfers. If only there was a way to carry transfer funds to your customer when you don’t know their bank details?
We solved it with Cashgram
We built Cashgram for this very purpose. Cashgram is a payout link that allows businesses to pay their customers when only their phone number or email address is known. You can do it in 3 simple steps
Cashfree allows businesses to pay their vendors/partners/customers by generating a Cashgram link that allows the beneficiaries to transfer funds to their preferred method of payment like bank account, Amazon Pay, Paytm, UPI, etc. You can also create bulk Cashgram links by simply uploading an excel sheet or using APIs.
Businesses can additionally notify their customers via WhatsApp under their business’ name and logo thereby improving the open rate of the message
Collecting accurate bank details of your beneficiary is a cumbersome process. With features like Beneficiary name verification and Maker-Checker flow, businesses can ensure that funds reach the intended beneficiary and add an extra level of security when dealing with batch Cashgrams to ensure no misuse of funds/malpractice takes place.
While looking at our data we noticed interestingly when given a choice, people preferred three modes of refunds over other options –
– With 35% of the surveyed consumers, preferring IMPS transactions,
– 7% preferring Amazon Pay reverts,
– And, the last 43% preferring UPI-based refunds.
Why choose Cashgram?
Cashgram isn’t like any other payout link
Built for Scale
– Do bulk payouts using excel upload or API
– Optimised for transaction load balancing
– Highly customizable API & UX/UI
– Generate comprehensive MIS reports
– In-built Beneficiary account verification feature [Premium]
– Highly secure with OTP validation
– Maker-Checker flow [Premium]
– Ability to set a link expiry time
– Notify using a WhatsApp business account [New]
– Multiple payout modes supported including UPI
– Interactive dashboard for monitoring status
How do different businesses use Cashgram?
Cashgram has been used by thousands of merchants belonging to various industries to carry out payments to their vendors/partners/customers. We’ve listed a few of the use cases below
- E-commerce – Refund Cash-on-Delivery orders instantly
- Online Gaming – Distribute prize money
- Rental Business – Refund security deposit
- NGOs and Political Organisations – Reimburse field agents and volunteers
- Corporates – Pay marketing affiliates and disburse reimbursements to employees
- Retail – Pay vendors and process refunds instantly
- BFSI – Settle insurance claims and pay DSA incentives
- Healthcare – Pay incentives to merchants and process reimbursements
- Travel and Hospitality – Pay commissions to vendors, handle reimbursements, and process refunds
Your customers, vendors, partners, etc. have waited long enough. Sign up for Cashgram today!