Throughout this launch, merchants and customers of the company will be enabled to verify user identity by eliminating the need for technical expertise, as well as optimising accuracy, and reducing drop-offs. KYC Link represents the newest addition of the Cashfree Payments’ Verification Suite.
The product is set to simplify the process of digital identity verification for MSMEs, in emerging and digitally transitioning sectors. Merchants will be enabled to send verification links through SMS, email, or WhatsApp to the client’s phone number, offering a fast and secure experience. The procedure can be automated, saving time and resources for the trader, or done manually, depending on their preference. It was also designed with a user-friendly interface in order to optimise their overall experience and achieve a higher verification completion rate.
In addition, KYC Link incorporates all existing verification services that are offered by Cashfree Payments, including UPI, PAN, Aadhaar, Bank Account Verification, and others. Furthermore, the product is expected to enable businesses to generate personalised KYC verification links, with the feature to include a business logo and color scheme to provide an optimised brand experience.
Cashfree Payments offers its users and partners full-stack payment services that focus on enabling businesses in India to collect transactions and make payouts through all available methods, with a simple and secure integration procedure. The company had multiple developments and deals in the last couple of months, covering several different geographic areas around the world.
In October 2023, Cashfree Payments announced its collaboration with Global Trade Plaza in order to provide cross-border payments to Indian exporters. Following this partnership, Cashfree Payments’ Global Collections service was set to enable Indian exporters to collect payments and transactions in over 15 foreign currencies. After the funds are received, the process continues as the money is converted into INR and settled into the customer’s local Indian bank accounts within 48 hours. In addition, exporters were also able to get auto-generated foreign inward remittances advice (e-FIRA).
According to the press release published at the time, the partnership accelerated the company’s plan to optimise the manner in which Indian businesses and firms expanded worldwide. At the same time, it also focused on providing exporters with an efficient and safe cross-border payment experience while using the Global Collections service.
Earlier in September 2023, Cashfree Payments launched its One Escrow platform, a modular escrow service that was developed in order to ensure trust and transparency in financial dealings. The plug-and-play escrow product was expected to provide traders with the possibility to go live faster while remaining compliant with regulatory requirements at the same time.
The solution came as a response to the growing challenges and concerns over financial frauds and uncertainties that took place in online transactions, while also adapting to the changing regulations that were affecting businesses across several industries.
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