Fintech platform Cashfree Payments has introduced ‘BNPL Plus,’ a solution designed to empower businesses with increased visibility of affordable and flexible payment options for their customers. The offering seamlessly integrates with businesses’ websites, as well as brands hosted on popular platforms like WooCommerce and Shopify. BNPL Plus utilizes intelligent personalization to automatically showcase customers the most attractive offers and no-cost EMI options.
A Comprehensive Suite of EMI and Pay-Later Choices
BNPL Plus leverages Cashfree Payments’ BNPL suite, which offers an extensive range of 36 different EMI and pay-later choices. The product caters to diverse D2C businesses, including ecommerce, edtech, travel, and hospitality. The aim is to tackle the issue of large upfront payments for customers, which often leads to cart abandonment and results in businesses losing over 30% in annual sales revenue.
Cashfree Improving Conversion Rates and Customer Experience
By integrating the no-code widget, businesses can reduce customer drop-offs and increase conversion rates. Cashfree Payments has reported remarkable sales growth for businesses such as Ahoy Bikes and FujifilmX after integrating BNPL Plus. Ahoy Bikes witnessed a 50% increase in sales on their website, while FujifilmX experienced a substantial 30% boost in sales of premium products within a few weeks of deployment.
A Trusted Full-Stack Payments Platform
Founded in 2015 by Akash Sinha and Reeju Datta, Cashfree Payments operates a full-stack digital payments solution platform, enabling businesses to collect payments and offering API banking solutions. The company claims to process transactions worth $40 billion annually and operates in eight countries, including India, the USA, and Canada. Cashfree Payments is integrated with major platforms such as Paypal, Amazon Pay, Paytm, Shopify, Wix, and Google Pay.
Cashfree Funding and Ongoing Developments
Fintech platform Cashfree Payments has raised over $40 million in multiple funding rounds. In June 2021, the company received undisclosed funding from the State Bank of India (SBI), valuing the firm at $200 million. Despite reports suggesting a strategic sale, the startup has denied any such development. It is backed by investors like Y Combinator, Apis Partners, and Smilegate. Earlier this year, Cashfree Payments implemented an organizational restructuring exercise, resulting in the layoff of 80 employees amid a severe funding crunch. The company has also been under scrutiny by the Enforcement Directorate (ED) in connection with an investigation involving Chinese loan apps, along with other fintech players like Paytm and Razorpay.
