Payments and API banking solutions company, Cashfree Payments is now offering one of India’s “widest” ‘Buy Now Pay Later’ (BNPL) suite.
Cashfree Payments’ BNPL suite will “enable online businesses to provide customers with over 30 flexible financing options during checkout.” The company has “launched its BNPL suite in time for the upcoming holiday season to help online businesses offer their customers easy and instant access to credit, thereby increasing sales.”
Cashfree Payments’ financing options include brands “such as ZestMoney, Homecredit and KreditBee for Cardless EMI; Simpl, LazyPay and Freecharge for Pay Later mode and more than 16 banks for card based EMIs.”
Currently more than 20,000 online businesses “use Cashfree Payments‘ BNPL suite.”
Businesses using the offering “have seen a growth of upto 30% in sales. Leading online companies using Cashfree Payments’ BNPL suite include EaseMyTrip, Wakefit, Byjus, among others.”
Akash Sinha, CEO & Co-Founder, Cashfree Payments said:
“India’s buy now pay later market is growing rapidly with more and more customers looking for flexible payment options when they shop online. At Cashfree Payments, we want to empower our merchants with the most comprehensive BNPL suite and help them unlock significant value from this shift in consumer preference. We’ve seen upto 30% increase in conversion rate and 40% higher average order value among businesses who offer BNPL modes on their checkout.”
Online businesses using Cashfree Payments’ Payment Gateway can “activate BNPL modes on their website or app checkout page without any additional integration effort.”
Online businesses can also “set up No Cost EMI offers on specific banks and payment partners right from the Cashfree Payments’ dashboard to attract first-time customers.”
In India, BNPL is currently “worth USD 3-3.5 billion and is expected to exceed USD 50 billion by FY 2026 to become the world’s second largest BNPL market.”
Buy Now Pay Later “as a checkout option makes high ticket, premium items more affordable to customers.”
With the availability of instant credit and flexible repayment options, products right “from consumer durables to travel tickets and online learning are now accessible to digital-first customers both in urban and rural markets.”
With over 50% market share among payment processors, Cashfree Payments claims it “leads the way in bulk disbursals in India with its product Payouts.”
Recently, India’s largest lender, SBI reportedly “invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem.”
Cashfree Payments works closely with banks “to build the core payments and banking infrastructure that powers the company’s products and 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.”