Cashfree Payments launches service to improve payment options visibility

Fintech company says service will reduce customer drop-offs by 30%, can be used to display payment options

Cashfree Payments has launched a service that enables businesses to increase the visibility of payment options for customers, said the fintech company on Tuesday.

'BNPL Plus' is a widget that integrates on a company's website and helps it in reducing customer drop-offs by 30 per cent. It can be used to display payment options on the websites of direct-to-consumer (D2C) companies.

"Cashfree Payments is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE," said the company in a statement.

It uses the company's buy now, pay later (BNPL) suite, which offers 36 different EMI and pay-later choices.

"'BNPL Plus tackles the issue of large upfront payments for customers, a concern that often leads to cart abandonment. This widespread issue results in businesses losing over 30 per cent in annual sales revenue. BNPL Plus revolutionises the discovery and offering of affordable payment options, creating a seamless and successful online shopping experience," said Akash Sinha, chief executive officer and co-founder of Cashfree Payments.

The company said the widget can increase average order value to 40 per cent and achieve a higher conversion rate in the similar range. It will serve D2C businesses in e-commerce, ed-tech, travel and hospitality sectors.

Cashfree Payments said it processed transactions worth $40 billion in FY23.