Following this announcement, online businesses will be enabled to provide to their customers more than 30 flexible financing options at checkout by leveraging Cashfree Payments’ BNPL suite. The company launched the offering prior to the holiday season to give businesses the possibility of offering easy and instant access to credit to their customers, thus resulting in increased sales.
The company’s financing options include brands of the likes of ZestMoney, Homecredit and KreditBee for Cardless EMI, Simpl, LazyPay and Freecharge for Pay Later mode, and over 16 banks for card based EMIs.
Online businesses that leverage Cashfree Payments’ Payment Gateway have the option of activating the BNPL modes on their website or app checkout page without having to invest effort in any additional integration. Additionally, online businesses are also enabled to set up No Cost EMI offers on select banks and payment partners straight from the the Cashfree Payments' dashboard in order to attract first-time customers.
As of now, more than 20,000 online businesses leverage Cashfree Payments' BNPL suite, amongst them being included brands such as EaseMyTrip, Wakefit, Byjus, with businesses making use of the offering having noticed an increase in sales of up to 30%, as per information provided in the press release.
Cashfree Payments representatives have stated that the BNPL market in India is having a constant, rapid increase, as progressively more customers are on the lookout for flexible payment options when shopping online. Having this knowledge at its core, the company aims to empower merchants with a comprehensive BNPL suite to enable them to have significant value unlocked following the consumer preferences’ shift. Furthermore, company officials advised that they have noticed an up to 30% increase in conversion rate and 40% higher average order value amongst businesses that have BNPL modes offered at their checkout.
As per information provided in the company’s press release, the BNPL market in India is currently worth between USD 3-3.5 billion and is expected that by 2026, it will exceed USD 50 billion and become the world’s second largest BNPL market.
By offering BNPL as a checkout options, high ticket, premium items are made more affordable to customers. Having the availability of instant credit and flexible repayment options leveraged by businesses, products ranging from consumer durables to travel tickets and online learning are made accessible to digital-first consumers in both rural and urban areas.
A payment and API banking solutions company, Cashfree Payments provides full-stack payments solutions that enable business in India to collect payments and carry out payouts via all available methods through means of a simple integration. Its offerings include an advanced and easy payment gateways’ integration way, a marketplaces’ split payment solution, bank account verification API, and Auto Collect, a virtual account solution that matches inbound payments to customers.
Cashfree Payments enables more than 1,50,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty, and rewards, and operates in eight other countries including the USA, Canada and the UAE. Integrated with platforms of the likes of Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay, the company is backed by investors such as Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.
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