Cashfree’s Payouts leads bulk disbursals in India, grows 300% over six months
Bangalore: Payments and banking technology company, Cashfree, has announced that its bulk disbursal product, Payouts, registered more than 300% growth during the pandemic induced lockdown period. Cashfree’s Payouts helps businesses send money instantly to bank accounts, cards, UPI and wallets with a simple API that can be quickly integrated with their product or ERP systems. In the last six months, Cashfree has seen the number of businesses using Payouts double with merchants from utilities, education, financial services, retail and fantasy cricket. Payouts is integrated into the payments flows of leading internet businesses like Cred, Dream11, Acko, Xiaomi, Nykaa and others disbursing thousands of payments daily, and is India’s leading bulk payments disbursal solution.
Launched in 2016, Payouts grew quickly to cross one lakh daily payouts within a year of launch. Payouts is currently being used by over 5000 companies in India for vendor payouts by marketplaces; e-commerce refunds, wage payouts; loan disbursement; insurance claims processing; expense reimbursements and reward payouts. Cashfree also allows businesses to verify bank accounts during user onboarding as a part of their KYC process.
Akash Sinha, CEO and Co-Founder, Cashfree said, “Payouts has not only benefited businesses in seamlessly disbursing payments from their bank account but also ensured end users receive daily wages, rewards, e-commerce refunds among others instantly, helping thousands of businesses with higher user retention and faster realisation of revenue. Payouts is built to handle instant processing of up to 1000 transactions per second, with its robust tech stack and direct integrations with multiple banks. Our built-in features of smart retry and dynamic routing ensure best-in-market success rates and faster transaction reconciliation. Through our strategic partnerships with India’s leading banks, we continue to strengthen our platform and enable businesses to manage and automate bulk payments.”
Cashfree also has more than 50000 businesses using its payment gateway to accept payments via more than 100 payment methods with one simple integration and processed more than $10B of payments in 2019. Cashfree reported Rs 99 crore of Operating Revenue and around Rs 20 crore Profit After Tax during FY 19-20.
More recently, Cashfree has introduced solutions like Instant Settlements on its payment gateway; recurring payments via Subscriptions; and a UPI Stack with 15+ ready-to-use integrations for all business payment needs including collections, disbursals, and verifications using UPI infrastructure. The Instant Settlement feature launched at the beginning of this year helps merchants access funds within 15 minutes of payment capture via its payment gateway even on holidays, as compared to the industry standard of two to three business days. The feature also helps online businesses with increased working capital availability and has also witnessed rapid adoption since its launch.