Those businesses include HDFC Bank, Kotak Bank and IndusInd Bank.
Payouts is an API banking solution that enables customers to send money anytime 24/7, including bank holidays, in a manner that the company says is simple and automated.
Businesses can use the service to send money to other bank accounts, cards, Amazon Pay, Paytm, UPI IDs and more. Cashfree Co-founder and CEO Akash Sinha said the strategic partnerships will help them work better with automated payments, including refunds, vendor payments and others.
Sinha noted that digital payments were seeing traction in India, and the country had seen the growth of numerous companies using digital methods that affected customers’ lives in a positive way. Because of that, he said it was important for money to move as fast as possible to ensure that customers received their payments. By partnering with leading banks in the country, he hopes that Cashfree will be able to accomplish its goals.
Payouts by Cashfree have been used by a number of businesses, including Delhivery, Xiaomi, Club Factory and Shell, for reasons as varied as vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards and more.
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Cashfree boasts that more than 20 million bank accounts have received payments through its service. The company also touts benefits such as allowing businesses to add beneficiaries and make bulk transfers, use robust APIs for automated payments, conduct millions of transactions at a time and use Excel file uploads.
Recently, Cashfree also launched a unified payments interface, which came with multiple integrations to fit businesses’ various payments needs. The program allows businesses to integrate apps like Google Pay, WhatsApp and more.
