Cashfree Payments ensuring payouts at speed in India
- Cashfree Payments bulk disbursal product Payouts grows by more than 100% in FY22
- Peak processing at over 1000 Payouts per second
- Merchants from the e-commerce and financial services sectors leading the growth
When it comes to payouts, businesses want to be able to have a seamless and secure experience. Over the years, payout methods have evolved to enable faster and more efficient transactions.
One of the biggest hindrances to e-commerce initially was the lengthy time of payouts companies had to go through. In the past, payouts for payment disbursal could take up to a few days, be it via banks or even e-commerce platforms. Thankfully, technology has now enabled these processes to be much faster.
In India, there are about 41 million transactions per day, making the county a global leader in real-time payments. When it comes to payments disbursal, the need for speed is essential to keep the economy going as well, especially with most processes being digitized today. For businesses, anything short of a near real-time payment disbursal may not be favorable.
As such, Cashfree Payments, a payments and API banking solutions company in India announced that it continues leading the payments disbursal in the country with over 50% market share. The reforms and growth that the Indian economy is seeing have resulted in a surge of interest in digital payments, and contactless payments are becoming the new normal. In the fiscal year 2022, Cashfree Payments has seen merchants from the e-commerce and financial services sectors leading the growth in disbursals.
The company’s bulk disbursal product, Payouts, surged over 100% in the fiscal year 2022 compared to the fiscal year 2021. The ease of onboarding, seamless integration, quick turnaround time, better user experience, and customer-centric support systems have helped the company to serve its customers while leading disbursals.
Cashfree Payments helps businesses make Payouts instantly via multiple methods. This includes via bank accounts, UPI ID, IMPS, NEFT, Paytm, Amazon Pay, cards, and native wallets, 24X7 even on bank holidays. The system verifies the new beneficiaries, instantaneously adds as well as activates them, enabling them to make accurate Payouts every time. It is highly reliable, scalable, and resilient with risk mitigation features such as fraud detection and API level security.
At present, Cashfree Payments has been doing peak processing of 1000 Payouts per second. Cashfree Payments’ disbursal platform is helping thousands of merchants in making over 2 million disbursals a day to beneficiaries.
According to Akash Sinha, CEO, and Co-Founder, of Cashfree Payments, the Indian economy has leaped into a new phase of growth where it calls for increased adoption of digital payments.
“Through Payouts, we are ensuring seamless disbursals of payments, wages, rewards, and refunds, among others, for the convenience of businesses and users alike. Payouts suite is significant for businesses looking to expand and grow as it offers a wide range of solutions for the varying needs of the customers. Cashfree Payments aims to solve critical business problems using technology and innovation,” commented Sinha.
Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. The company 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.