Payment solutions to MSMEs: Payments infrastructure company Cashfree Payments, on Thursday, announced a partnership with e-commerce company for onsite card payment service for Indian merchants. With the new offering, merchants will be able to directly collect payment information of customers on the website rather than redirecting them to a third-party page to reduce transaction time and lower customer drop-offs.
Earlier customers had to leave the merchant’s website for an extra step to complete their payment, leading to delayed order completion and lower-intent customers dropping off. The new feature allows customers to complete the transaction on the merchant’s website itself.
The partnership with Cashfree Payments allows Indian merchants on Shopify to access this solution which was earlier available only to Shopify stores in the US. Currently, customers can use credit and debit cards to make payments.
Reeju Datta, Co-Founder, Cashfree Payments said, “We are delighted to partner with Shopify to introduce the onsite payment solution in India. 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.”
Cashfree Payments provides full-stack payment solutions to businesses in India to collect payments and generate payouts. It integrates payment gateways, split payment solutions for marketplaces, bank account verification API, Lending disbursals solution and Auto Collect — a virtual account solution to match inbound payments to customers.
Backed by SBI and Y Combinator, Cashfree is integrated with platforms such as Wix, PayPal, Amazon Pay, Paytm, and Google Pay. Apart from India, the platform is operational in eight countries. The platform provides services to 3 lakh businesses and processes transactions worth $40 billion annually.
Bharati Balakrishnan, Country Head, Shopify SEA and India said, “Digital payments are an integral part of the eCommerce experience, and we are pleased to partner with Cashfree Payments to enhance our payment offering and improve outcomes for our merchants in India.”