Following this announcement, the new UPI Plug-in product will be offered to mobile-first businesses in order to enable them to collect UPI payments from clients, without the necessity for them to use the application. The product was developed in a strategic partnership with NPCI and Axis Bank, which aimed to provide UPI Plug-in with the needed security and compliance.
UPI Plug-in is set to simplify the process of making UPI payments by reducing client drop-offs, increasing conversion rates, and improving the overall customer experience. In order to complete the transaction, the individual will only need to offer their 4 or 6-digit UPI PIN after they click the `Pay Now` button. Businesses and companies can also benefit from the UPI Plug-in, being provided with more visibility over the customer’s payment journey, as the user does not leave the application until the transaction is done. This aims to offer companies the capability to capture the shopper’s intent while also optimising their strategy to target clients that actively consider making purchases.
The UPI Plug-in can be used by companies and firms from multiple sectors, such as transportation services, food delivery, ecommerce, travel aggregations, or quick commerce.
India-based payment and API banking services firm, Cashfree Payments provides its customers and users with a secure and efficient suite of payment solutions, enabling enterprises and businesses to collect payments and make payouts while using all available methods with a simple integration process. The company had multiple partnerships and product launches in the last couple of months, covering different geographic areas around the world.
In September 2023, Cashfree Payments announced its partnership with NPCI in order to launch the AutoPay on QR product, aimed at subscription-based businesses. This tool was designed to improve the manner in which companies boosted return on investment (ROI) and ad spending by allowing mandate creation in an easy and fast manner.
Businesses were also allowed to integrate their subscription QR code into multiple marketing channels, such as newspapers, websites, product packaging, TV, or online ads. This focused on improving the overall value derived from promotional campaigns.
Earlier in the same month, Cashfree Payments partnered with Jamboree, an educational consultancy firm, in order to simplify fee payments for Indian students who were making their studies overseas. The collaboration used Cashfree Payments’ cross-border payment service to simplify and digitises the transaction procedures from KYC verification, and payment collection in order to outward remittance.
Furthermore, students were able to initiate transactions whenever they needed, allowing them to make remittances under the Liberalised Remittance Scheme (LRS) which was established by RBI. This catered to a wide range of overall payment needs that were permitted by regulations.
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