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Cashfree partners with TradeIndia to enable digital payment solutions for 5.5 million SMEs on its platform

IBEF:  November 06, 2020

Cashfree, has entered into a partnership with TradeIndia, to enable digital payment collection through cards, UPI, internet banking, and other digital solutions. With more than 5.5 million registered SMEs, the publicly traded company provides buyers and sellers, both national and global, a secure digital marketplace to recognise and engage trusted business partners.

Cashfree co-founder, Ms. Reeju Datta said," As we move rapidly towards a first-ever digital economy, it becomes crucial for small and medium-sized businesses to implement digital payments on a scale in order to expand their businesses. With its large network of small and medium-sized enterprises (SMEs), TradeIndia provides a great opportunity to make this transition happen and we are happy to customize payments and banking solutions for them.”

Mr. Sandip Chhettri, COO of TradeIndia, said, "We are pleased to partner with Cashfree to allow our vendors on the TradeKhata platform to make digital payments." As the economy is going digital, by partnering with Cashfree, TradeIndia is looking to allow 5.5 million SMEs on our platform to make online transactions. With this collaboration, by automating invoicing, payment collections, bulk payouts & customer data management, we enable our merchant partners to simplify business operations.”

The platform still managed to collect a transactional invoice value of Rs. 1800 crore (US$ 242.25 million) in this time, despite the numerous obstacles placed by the lockdown and restricted technical knowledge among the majority of SME business owners.

In its payment portal, Cashfree has also launched solutions such as Instant Settlements; ongoing Subscription payments; and a UPI Stack of 15 ready-to-use integrations for all business payment needs, including collections, disbursements,

Compared to the industry norm of two to three business days, the Instant Settlement feature introduced at the beginning of 2020 lets companies access funds within 15 minutes of payment capture through its payment gateway. The function also provides online companies with greater availability of working capital and has witnessed rapid adoption. By the end of the current fiscal year, Cashfree plans to sign up to 100,000 merchant partners.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.