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Cashfree launches Cashgram to make e-commerce refunds fast and simple

ANI  |  New Delhi [India] 

based company Cashfree, launches Cashgram, a smart payout system for one time payments, like Cash on Delivery refunds in is an extension of Cashfree's Payout system that enables businesses to send to their user and vendors.

Using Cashgram, companies can send a to their users requesting information. On receiving the information, a one click refund can be processed instantly. Currently, companies do this manually over multiple emails between customer, team and customer support team, very often leading to errors and delays. also gives the users the option of sharing their IDs or PayTM, instead of their

"is a powerful product for businesses that need to pay their users - for refunds or otherwise. It not only saves operational overhead of processing payments but the customer's trust on the company also increases when they get their refunds instantly. This results in higher repeat rate," said Akash Sinha, of

"We saw this phenomena with our that is being used to pay vendors and affiliates, pay salaries, distribute winnings in gaming, disburse loans, reimburse expenses and of course, process refunds. That is when we thought of introducing this special product for e-commerce companies," added Sinha.

The product is live with popular e-commerce companies like Nykaa, Rentomojo, and as initial customers. The is already doing about 50,000 transactions every day.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, September 12 2018. 17:35 IST