Cashfree Payments launches BBPS-Biller Solution

Monday 4 December 2023 11:35 CET | News

Cashfree Payments has launched BBPS-Biller Solution which facilitates and simplifies interoperable bill payment collection for Indian businesses.

This solution is a single integration platform designed for businesses handling repeat payments, enabling them to get discovered on more than 150 digital channels and offline collection centres on Bharat Bill Payment System and collect bill payments at scale. The BBPS-Biller solution aims to align with RBI’s vision to offer integrated, accessible, and interoperable bill payment services across geographies with the safety of transactions.

Cashfree Payments has launched BBPS-Biller Solution which facilitates and simplifies interoperable bill payment collection for Indian businesses.

Announcing the launch, officials from Cashfree Payments stated that the launch of BBPS-Biller Solution seeks to unlock opportunities and bring simplicity and ease in collecting bill payments for Indian businesses. This product is intended to play a pivotal role in simplifying collections and settlements for businesses while fostering connections with millions of customers across India.

Cashfree Payments’ BBPS-Biller Solution leverages the BBPS network to reduce collection costs up to four times, leveraging all cash and digital collection points. Through real-time reporting and instant alerts, the solution enables 90% faster reconciliation. Moreover, businesses can experience two times faster bill collection using Cashfree Payments' guided onboarding and technical support.

About Cashfree Payments

Cashfree Payments is a payment and API banking solutions company. It provides full-stack payment solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments' offerings include an easy way to integrate payment gateways, a split payment solution for marketplaces, bank account veriﬁcation API, lending disbursals solution and Auto Collect – a virtual account solution to match inbound payments to customers. The company processes transactions worth USD 40 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 300,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty, and rewards.‌

Recently, in November 2023, Cashfree Payments also launched its KYC Link, a no-code verification service that is set to accelerate the digitalisation process of Indian businesses. Throughout this launch, merchants, and customers 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 can 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. ‌

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Keywords:	payments , API, payout, product launch
Categories:	Payments & Commerce
Companies:	Cashfree Payments
Countries:	India

This article is part of category

Payments & Commerce

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