Bengaluru, India-based Cashfree Payments announced Wednesday (April 27) that it holds 50% of India’s market for bulk payments disbursal and its key product grew more than 100% in fiscal 2022 compared to fiscal 2021.
The company also said it has achieved peak processing of more than 1,000 payments per second.
“The ease of onboarding, seamless integration, quick turnaround time, better user experience and customer-centric support systems have helped the company to serve its customers while leading disbursals,” the company said in its announcement.
Business are able to use Cashfree Payments to make payments through channels such as bank accounts, UP ID, IMPS, NFET, Paytm, Amazon Pay, cards and native wallets, according to the company.
The system verifies the new beneficiaries and instantaneously adds and activates them, enabling them to make accurate payouts every time. The company said that “it is highly reliable, scalable and resilient with risk mitigation features such as fraud detection and API level security.”
According to Cashfree Payments, contactless payment “are becoming the new normal” in India. The company stated in the market share announcement that merchants use it to make more than 2 million payments daily.
“We believe that the Indian economy has leaped into a new phase of growth where it calls for an increased adoption of digital payments,” company Co-founder and CEO Akash Sinha said in a prepared statement. “Through Payouts, we are ensuring seamless disbursals of payments, wages, rewards and refunds, among others, for the convenience of businesses and users alike.”
In addition to helping companies make payments, Cashfree Payments also helps companies collect payments. India’s largest lender, SBI, recently invested in Cashfree Payments, according to the payments company, which did not disclose terms of the investment.
The company stated it “works closely with all leading banks” and integrates with platforms including Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay.
Earlier this week, PYMNTS reported that Cashfree Payments had partnered with internet commerce company Meesho, enabling instant refunds for cash on delivery orders placed through the platform.
Read more: Meesho and Cashfree Payments Partner to Provide Instant Refunds
The partnership aims to enhance Meesho customers’ shopping experience and minimize the need for manual intervention on certain orders.
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