Cashfree Payments launches BNPL Plus

Tuesday 18 July 2023 11:13 CET | News

India-based payments and API banking company Cashfree Payments has launched BNPL Plus to help with the discovery and offering of affordable payment options for customers.

With the launch of BNPL Plus, businesses are enabled to increase the visibility of affordable and flexible payment options to their consumers.

Cashfree Payments and capabilities of its BNPL Plus service

Based on the information detailed in the press release, with BNPL Plus, customers can easily see payment options of the likes of EMI, Pay Later, and other offers right upfront on the product display page of direct-to-consumer (D2C) brands. What is more, with the integration of this no-code widget, businesses can reduce customer drop-offs and increase conversion rates.

BNPL Plus integrates with the businesses’ websites and brands hosted on well-known platforms of the likes of WooCommerce and Shopify. Following its integration, BNPL Plus leverages intelligent personalisation to showcase to customers the most attractive offers and no-cost EMI options in an automatic manner. It makes use of Cashfree Payments’ BNPL suite, which provides 36 separate EMI and Pay Later choices.

Cashfree Payments launches BNPL Plus

Integrating BNPL Plus can help increase the average order value to as much as 40%, showcasing how affordable payment options can influence customer spending. Additionally, it can help decrease customer drop-offs by up to 30% and promotes repeat purchases by showcasing the best offers, discounts, and cashback incentives, thus fostering customer loyalty. Per the announcement information, BNPL Plus caters to an extensive array of D2C businesses, including ecommerce, ed-tech, travel, and hospitality, showcasing versatility and broad applicability.

Akash Sinha, CEO and Co-Founder of Cashfree Payments expressed excitement regarding the introduction of the BNPL Plus solution, stating that it is set to help enhance India’s digital shopping experience and unlock better value for D2C businesses.

In a competitive market, Indian sellers need extensive tools and a simple customer journey to support their products, and BNPL Plus addresses the issue of large upfront payments for customers, a concern that oftentimes results in cart abandonment. Per the spokesperson’s statement, the widespread issue results in business annual sales revenue losses that exceed 30%, and BNPL Plus helps ‘revolutionise’ the discovery and offering of affordable payment options to create a hassle-free and successful online shopping experience.

Cashfree Payments offering and strategy

With more than 50% market share among payment processors, Cashfree Payments activates within the bulk disbursals space in India with its Payouts and is also an online payment aggregator. India-based lender SBI invested in the company, thus underscoring its role in building an extensive payments ecosystem. As per the press release information, Cashfree Payments collaborates with banks to build the core payments and banking infrastructure powering its products and is also integrated with well-known platforms of the likes of Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. In addition to India, the company’s products are leveraged in eight other countries, including the US, Canada, and the UAE.

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Keywords:	product launch, payments , BNPL, ecommerce, marketplace, fintech, paytech, D2C, digital payments, payment methods
Categories:	Payments & Commerce
Companies:	Cashfree Payments
Countries:	India

This article is part of category

Payments & Commerce

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