Cashfree Payments now offers India's widest 'Buy Now Pay Later' suite
- Online businesses can offer customers over 30 flexible financing options during checkout with Cashfree Payments’ BNPL suite
BENGALURU, India, Dec. 26, 2022 /PRNewswire/ — Leading payments and API banking solutions company, Cashfree Payments is now offering India’s widest ‘Buy Now Pay Later’ (BNPL) suite. Cashfree Payments’ BNPL suite will enable online businesses to provide customers with over 30 flexible financing options during checkout. The company has launched its BNPL suite in time for the upcoming holiday season to help online businesses offer their customers easy and instant access to credit, thereby increasing sales.
Cashfree Payments’ financing options include leading brands such as ZestMoney, Homecredit and KreditBee for Cardless EMI; Simpl, LazyPay and Freecharge for Pay Later mode and more than 16 banks for card based EMIs. Currently more than 20,000 online businesses use Cashfree Payments’ BNPL suite. Businesses using the offering have seen a growth of upto 30% in sales. Leading online companies using Cashfree Payments’ BNPL suite include EaseMyTrip, Wakefit, Byjus, among others.
Akash Sinha, CEO & Co-Founder, Cashfree Payments, said, “India’s buy now pay later market is growing rapidly with more and more customers looking for flexible payment options when they shop online. At Cashfree Payments, we want to empower our merchants with the most comprehensive BNPL suite and help them unlock significant value from this shift in consumer preference. We’ve seen upto 30% increase in conversion rate and 40% higher average order value among businesses who offer BNPL modes on their checkout.”
Online businesses using Cashfree Payments’ Payment Gateway can activate BNPL modes on their website or app checkout page without any additional integration effort. Online businesses can also set up No Cost EMI offers on specific banks and payment partners right from the Cashfree Payments’ dashboard to attract first-time customers.
In India, BNPL is currently worth USD 3-3.5 billion and is expected to exceed USD 50 billion by FY 2026 to become the world’s second largest BNPL market. Buy Now Pay Later as a checkout option makes high ticket, premium items more affordable to customers. With the availability of instant credit and flexible repayment options, products right from consumer durables to travel tickets and online learning are now accessible to digital-first customers both in urban and rural markets.
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments 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.
About Cashfree Payments
Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API, and Auto Collect — a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 40 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,50,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.
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