Cashfree Payments launches one-step UPI payment solution for businesses

The one-step UPI payment solution has been created in partnership with NPCI and Axis Bank, ensuring complete security and compliance

Cashfree Payments on Thursday announced the launch of UPI Plug-in, which enables mobile-first businesses to collect UPI payments from customers without needing them to exit the application.

This solution has been created in partnership with NPCI and Axis Bank, ensuring complete security and compliance, said the company in an exchange filing.

Cashfree Payments' UPI Plug-in simplifies the UPI payment process by increasing conversion rates, reducing customer drop-offs and improving customer experience. The customer only needs to provide their 4 or 6-digit UPI PIN after clicking 'Pay Now' to complete the transaction, the company said

With the UPI Plug-in, businesses have more visibility over the customer's payment journey, as the customer does not leave the app. This helps businesses to effectively capture the buyer's intent and optimise their strategy to target customers who are actively considering making a purchase, it added.

The solution is useful for businesses operating in various sectors such as travel aggregators, transportation services, e-commerce, food delivery, and quick commerce.

Enhanced success rate of UPI payment

Akash Sinha, CEO and co-founder, Cashfree Payments, said, "UPI payments have been a key factor in India's booming e-commerce and mobile-first industries. However, the lack of transparency regarding customer drop-offs during the payment process and reliance on third-party UPI apps have emerged as significant concerns for these businesses. To address this, Cashfree Payments has launched a solution designed to enhance the success rate of UPI payments while providing greater visibility into the customer's payment journey."

"By prioritising speed, security, and convenience in UPI payments, we are pushing the boundaries of innovation and advancing towards our vision of improving digital payments for the benefit of India's businesses and economy," he added.

Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives at NPCI, also expressed his enthusiasm about the launch and said, "We are thrilled to witness Cashfree Payments embrace our UPI Plug-in framework solution, which will significantly improve the checkout experience for in-app purchases."

"The payments landscape is undergoing a digital transformation, and notably, UPI has paved the way for India's remarkable global success. It is of utmost importance for UPI to continue evolution and stay aligned with the ever-changing dynamics of the market. We are confident that this innovative solution will benefit both businesses and customers," Bansal added.

Meanwhile, commenting on the announcement, Sanjeev Moghe, President & Head - Cards & Payments, Axis Bank, said, "Axis Bank has been one of the pioneers in developing innovative solutions in UPI to provide simplified payment experience to its customers."

He added, "Solutions like Plug-in SDK allows a faster checkout through In-App payments where the user does not need to open any other UPI App for completing the payment. This will lead to faster checkouts, less drop-offs, higher transaction completion rates and better payment experience for the customer."