Indian payments and banking technology company Cashfree has launched a Unified Payment Interface (UPI) stack with more than 15 integrations for businesses’ payment needs, according to a press release.
The new initiative will help to streamline an operation’s payment offerings, from both payments sent and received, as well as offer a better look into cash positions.
It will allow for businesses to integrate SDKs and APIs of all UPI-centered apps, like Google Pay, PhonePe, Paytm and WhatsApp, “with support for both web and mobile for all UPI payment flows-intent, SDK, SDK less, QR codes etc.,” the release said.
Cashfree expects to process almost 1 billion transactions by mobile in 2020, and it processed 50 million through 2019.
“As UPI continues to witness tremendous growth in India, we want to offer businesses a simple way to use the UPI infrastructure for the widest range of business payment applications,” said Akash Sinha, co-founder and CEO of Cashfree. “With this launch, we are enabling businesses to implement 15-plus UPI integrations for all their payment needs within a day’s work. We see this as a step to help product creators and businesses adopt UPI and make the most of the infrastructure for crucial business needs, such as payment collections, refund processing, vendor onboarding and more.”
The range of UPI business payment applications allow for a multitude of business needs, including a UPI payment gateway that accepts payments on both a website or a mobile app. It will also allow for a UPI payment link that can be shared through text, email and WhatsApp, which can be beneficial for a smaller business that doesn’t have a website.
The UPI QR codes can either be used for agent-based collections or offline collections, and the Dynamic UPI QR Codes can be shown on a business’s website while a person is checking out.
“Recently, Cashfree launched Instant Settlements to empower businesses and foster digital transactions in the country,” the release stated. “As part of the company’s product development plans, Cashfree is also set to add UPI mandate for recurring payments to its UPI Stack for Businesses.”