Fintech startup Cashfree Partners Shopify To Offer Onsite Payments Service To Indian Merchants
By siliconindia | Friday, 22 September 2023, 09:05 IST
Fintech startup Cashfree Payments has partnered Canada-based ecommerce platform Shopify to provide onsite payments service with cards for the latter’s Indian merchants. The feature will enable merchants to offer seamless and swift checkout experience to customers by directly collecting payment information on their website. This will eliminate the need to redirect customers to third party pages, reducing customer drop-offs, Cashfree said in a statement.
Onsite payments allow customers to complete their transactions directly on the merchant’s website, ensuring a quicker checkout process. While the onsite payments feature on Shopify was earlier available only in the US, the partnership with Cashfree will allow Indian merchants to access the feature. Initially, customers will be able to transact using credit and debit cards, with more payment options to be added in the future.
Commenting on the partnership, Shopify cofounder Reeju Dutta said, “Our integration enables Shopify merchants to offer a seamless checkout experience to their customers, resulting in higher conversion rates and increased customer satisfaction. The partnership between Cashfree Payments and Shopify demonstrates our mutual dedication to empowering India’s burgeoning D2C and e-commerce ecosystem.”
Founded in 2006 by Daniel Weinand, Scott Lake and Tobias Lütke, Shopify offers ecommerce solutions to merchants in the form of tools to start, grow, market, and manage a retail business of any size. It caters to businesses in more than 175 countries and counts Netflix, YogaBar and Lenskart among its clients. Meanwhile, Cashfree, launched in 2015 by Akash Sinha and Reeju Datta, offers full-stack digital payments solutions to enable businesses to collect payments and offers API banking solutions. The startup has raised a total funding of $40.9 Mn till date and counts the likes of Y Combinator, State Bank of India and Apis Partners among its investors.
The announcement comes days after Cashfree announced the launch of ‘AutoPay on QR’ in partnership with the National Payments Corporation of India (NPCI). The feature, Cashfree said, would ease the challenges faced by subscription-based businesses by making the UPI payment process for subscription quicker. Earlier this year, the fintech major also launched ‘BNPL Plus’ to enable businesses to boost visibility of affordable and flexible payment options to their customers. This year, after sacking about 80 employees to restructure, Cashfree acquired checkout platform Zecpe for $10 Mn – $12 Mn, according to Inc42’s sources. As a part of the deal, it also roped in Zecpe founder Hriday Agarwal as the head of ecommerce checkout.
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