It is a single integration platform designed for businesses handling repeat payments, to get discovered on 150+ digital channels and 35 lakhs+ offline collection centres on BBPS and collect bill payments at scale
FinTech BizNews Service
Mumbai, November 30, 2023: Cashfree Payments www.cashfree.com, India's leading payments and API banking company, announced the launch of its ‘BBPS-Biller Solution’, which facilitates and simplifies interoperable bill payment collection for Indian businesses. It is a single integration platform designed for businesses handling repeat payments, enabling them to get discovered on 150+ digital channels and 35 lakhs+ offline collection centres on Bharat Bill Payment System and collect bill payments at scale. BBPS-Biller solution aligns with RBI’s vision to offer integrated, accessible and interoperable bill payment services across geographies with safety of transactions.
Announcing the launch, Akash Sinha, CEO and Co-founder, Cashfree Payments said, “The launch of BBPS-Biller Solution will unlock opportunities and bring simplicity and ease in collecting bill payments for Indian businesses. This product will play a pivotal role in streamlining collections and settlements for businesses while fostering connections with millions of customers across India. At Cashfree Payments, we are committed to building innovative products and solutions that will not only empower businesses but also contribute towards strengthening the digital payments ecosystem in the country.”
The BBPS-Biller Solution was launched at the ongoing Bengaluru Tech Summit.
Cashfree Payments’ BBPS-Biller Solution leverages the BBPS network to reduce collection costs up to 4X, leveraging all cash and digital collection points seamlessly. Through real-time reporting and instant alerts, the solution enables 90% faster reconciliation. Also businesses can experience 2X faster bill collection using Cashfree Payments' guided onboarding and robust technical support.
Cashfree Payments today is among the leading online payment aggregators and also leads the way in bulk disbursals in India with its Payouts with over 50% market share. India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products. Cashfree Payments is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments solutions are used in eight other countries including the USA, Canada, and UAE.
About Cashfree Payments:
Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payment solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments' offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account veri?cation API, Lending disbursals solution and Auto Collect -- a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, is among the leading payment service providers in India processing transactions worth USD 40 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 3,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.
