Cashfree Payments partners with Shopify to launch onsite payments for Indian merchants
BENGALURU, India, Sept. 25, 2023 /PRNewswire/ — Cashfree Payments, India’s leading payments and API banking company, has partnered with Shopify to launch onsite payments with cards for Indian merchants. With onsite payments, merchants can offer a seamless and swift checkout experience to customers by directly collecting payment information on their website, eliminating the need for redirection to a third-party page. This streamlined process reduces transaction time and minimises customer drop-offs, enhancing revenue and payment experience.
Previously, customers were required to leave the merchant’s website and undergo an additional step to complete their payment, which delayed order completion and resulted in lower intent customers dropping off. Onsite payments alleviate multiple issues, enabling customers to complete their transactions directly on the merchant’s website. This ensures a quicker, smoother, and more controlled checkout experience for all parties involved.
Onsite Payments on Shopify were initially exclusive to Shopify Stores in the US. However, with this partnership with Cashfree Payments, Indian merchants on Shopify will now have access to this essential functionality. Presently, the partnership enables customers to use credit and debit cards, with additional payment options to be added in the future.
Reeju Datta, Co-Founder, Cashfree Payments said, “We are delighted to partner with Shopify to introduce the onsite payment solution in India. Our integration enables Shopify merchants to offer a seamless checkout experience to their customers, resulting in higher conversion rates and increased customer satisfaction. The partnership between Cashfree Payments and Shopify demonstrates our mutual dedication to empowering India’s burgeoning D2C and e-commerce ecosystem.”
Bharati Balakrishnan, Country Head, Shopify SEA and India added, “Digital payments are an integral part of the eCommerce experience, and we are pleased to partner with Cashfree Payments to enhance our payments offering and improve outcomes for our merchants in India.”
Onsite Payments on Shopify were initially exclusive to Shopify Stores in the US. However, with this partnership with Cashfree Payments, Indian merchants on Shopify will now have access to this essential functionality. Presently, the partnership enables customers to use credit and debit cards, with additional payment options to be added in the future.
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.
About Shopify
Shopify is a leading provider of essential internet infrastructure for commerce, offering trusted tools to start, grow, market, and manage a retail business of any size. Shopify makes commerce better for everyone with a platform and services that are engineered for reliability while delivering a better shopping experience for consumers everywhere. Proudly founded in Ottawa, Shopify powers millions of businesses in more than 175 countries and is trusted by brands such as Allbirds, Gymshark, Heinz, Tupperware, Netflix, Fablestreet, Go Colours, Yoga Bars, Duroflex, Le15, Sugar Cosmetics, Boat Lifestyle, LensKart, Vaadham Teas, and many more. For more information, visit shopify.in.
Logo: https://mma.prnewswire.com/media/1714361/Cashfree_Payments_Logo.jpg
View original content:https://www.prnewswire.com/in/news-releases/cashfree-payments-partners-with-shopify-to-launch-onsite-payments-for-indian-merchants-301937361.html
