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  • Secured digital payments are the next evolutionary frontier: Cashfree Payments CEO

    Published on May 20, 2024

     Bengaluru : Cashfree Payments, India’s leading payments and API banking company, is at the forefront of the country’s digital revolution, assisting more than 6,00,000 businesses  across metro and non-metro cities to scale up and become digital first. With 99.99 % uptime, it processes over 2.5 Billion transactions every year, worth USD 80 Billion annually. It offers businesses a comprehensive tech stack comprising more than 15 innovative solutions. These solutions cover collections, disbursals, verification, connected banking, and escrow management.

    After obtaining the RBI’s final payment aggregator license in December last year, the company has onboarded thousands of merchants and launched multiple innovative products facilitating growth.

    The company’s Payment Gateway (PG) enables businesses to accept online payments and grow their operations. With a 15% higher success rate, their PG has over 15 UPI integrations and can settle all payments in under 15 minutes.  

    Recently, there has been an increase in fraudulent activities due to digital transactions in India, causing complications and losses for businesses. Hence, to provide a secure business environment, Cashfree Payments has introduced “RiskShield,” India’s first real-time risk monitoring solution for payment gateways. It seeks to cut down on fraud by up to 40%. This system helps Indian companies decrease chargebacks and disputes, giving them the tools to fight illegal transactions and maintain financial stability precisely. Additionally, to further make the environment compliant, it also offers businesses with a comprehensive Verification Suite, validating over 40 cr+ individuals annually.

    Founded by Akash Sinha and Reeju Datta, Cashfree Payments is at the forefront of India’s Digital Payment Revolution. “The rise in digital payments in India is due to the extensive adoption of smartphones and the internet, along with government efforts such as UPI. This trend has also increased the risk of digital payment fraud. Therefore, businesses are understandably prioritizing cybersecurity measures to mitigate these risks.” said  Akash Sinha, CEO & Co-Founder, Cashfree Payments. 

    Sinha and Datta are ambitious in Cashfree Payments’ growth plans, as they envision replicating their success in India to 10-12 countries in the next three to four years. According to Sinha, always putting their clients first and constantly improving technology will be crucial to their growth. He believes they are not just building a business but building trust, the glue that holds a healthy digital payments system together. So, the next time you make an online payment in India, there’s a good chance Cashfree is quietly working behind the scenes, keeping your money safe and sound.

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