Cashfree Payments launches 'BNPL Plus'; revolutionises discovery and offering of affordable payment options for customers
- ‘BNPL Plus’ is a no-code widget that helps showcase flexible payment options upfront on product display pages of D2C websites
- Through ‘BNPL Plus’, businesses can reduce customer drop-offs up to 30%, increase average order value up to 40% and achieve up to 40% higher conversion rate
- ‘BNPL Plus’ offers seamless integration with websites and is compatibility with popular platforms like WooCommerce and Shopify
- With ‘BNPL Plus’, Ahoy Bikes experienced a 50% increase in sales and FujifilmX witnessed a 30% boost in sales of high-end premium products
BENGALURU, India, July 20, 2023 /PRNewswire/ — Cashfree Payments, India’s leading payments and API banking company, today announced the launch of ‘BNPL Plus’, which enables businesses to increase the visibility of affordable and flexible payment options to their customers. With ‘BNPL Plus’, customers can easily see payment options like EMI, Pay Later and other attractive offers right upfront on the product display page of direct-to-consumer (D2C) brands. By integrating this no-code widget, businesses can reduce customer drop-offs and increase conversion rate.
‘BNPL Plus’ seamlessly integrates with the businesses’ website and also by brands hosted on popular platforms like WooCommerce and Shopify. When it’s integrated, ‘BNPL Plus’ uses intelligent personalisation to automatically show customers the most attractive offers and no-cost EMI options. It leverages Cashfree Payments’ industry-leading BNPL suite, which offers 36 different EMI and Pay Later choices.
Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We are excited to introduce ‘BNPL Plus’, a solution that enhances India’s digital shopping experience and unlocks greater value for D2C businesses. In a competitive market, Indian sellers require extensive tools and a seamless customer journey to support their high-quality products. ‘BNPL Plus’ tackles the issue of large upfront payments for customers, a concern that often leads to cart abandonment. This widespread issue results in businesses losing over 30% in annual sales revenue. ‘BNPL Plus’ revolutionises the discovery and offering of affordable payment options, creating a seamless and successful online shopping experience.”
Integrating ‘BNPL Plus’ can increase the average order value up to 40%, demonstrating how affordable payment options positively influence customer spending. It can reduce customer drop-offs up to 30% and promotes repeat purchases by highlighting the best offers, discounts, and cashback incentives, fostering customer loyalty. ‘BNPL Plus’ caters to a wide range of D2C businesses including ecommerce, ed-tech, travel and hospitality showcasing its versatility and broad applicability.
Ahoy Bikes and FujifilmX, well-known businesses in India, have seen remarkable sales growth by integrating ‘BNPL Plus’ into their websites. Ahoy Bikes, a popular seller of Indian-made luminous bicycles, experienced a significant 50% increase in sales after implementing ‘BNPL Plus’ on their website. Similarly, FujifilmX, a leading dealer of Fuji Digital Cameras, saw a substantial 30% boost in sales of their premium products within a few weeks of deploying ‘BNPL Plus’. These success stories demonstrate how ‘BNPL Plus’ effectively drives sales and revenue for businesses in different industries.
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its Payouts and is also among the leading online payment aggregators. 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. Cashfree Payments 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 payment 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, Lending disbursals solution 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 3,00,000 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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