Digital payments and banking technology company Cashfree is leading the payment disbursals with over 50% market share.
Its bulk disbursal product Payouts surged over 200% in FY21 compared to FY20, a release said.
Ease of product onboarding and integration, experience in terms of success rates, quick turnaround time and easy and quick support have helped Cashfree in leading disbursals.
Cashfree’s Payouts helps businesses send money instantly to bank accounts, cards, UPI and wallets, 24X7. New beneficiary addition and activation is instant with Payouts. It helps automating bulk transfers with a simple API that can be quickly integrated with product or ERP systems, a much simpler alternative to uploading files on a bank portal, the release added.
The COVID-19 pandemic has resulted in a surge in interest for digital payment solutions, and cashless and contactless payments are becoming the norm. In FY21, Cashfree has seen merchants from e-commerce, gaming and financial services sectors leading the growth in disbursals.
At present, Cashfree has been doing a peak processing of over 60,000 Payouts per minute. Cashfree’s disbursal platform is helping thousands of merchants in making over 1 million disbursals a day to beneficiaries. Payouts to UPI handles has grown over 1100% in FY21 compared to the same period year-ago while IMPS has grown consistently at 80% in FY21 over FY20.
Cashfree CEO and Co-Founder Akash Sinha said, “The current situation calls for increased digital adoption. Businesses are rethinking money transfer with Payouts.”
“Payouts has not only benefited businesses in seamlessly disbursing payments from their bank account, but also ensured that end users receive daily wages, rewards, e-commerce refunds among others instantly, helping thousands of businesses with higher user retention and faster realisation of revenue. Payouts is built to handle instant processing with its robust tech stack and direct integrations with multiple banks,” he added.
Introduced in 2016, Cashfree’s bulk disbursal product Payouts grew quickly to cross one lakh daily payouts within a year of launch. Payouts is currently being used for vendor payouts by marketplaces; e-commerce refunds, wage payouts; loan disbursement; insurance claims processing; expense reimbursements and reward payouts.
Cashfree also allows businesses to verify bank accounts during user onboarding as a part of their KYC process. Payouts is integrated into the payments flows of leading internet businesses like Cred, Dream11, Acko, Xiaomi and Nykaa among others.
Apart from India, Cashfree’s products are used in eight other foreign countries like the USA, Canada, and the UAE. Cashfree is also amongst the leading payment service providers in India and processes transactions worth $20 billion annually.