Payments and API banking solutions firm Cashfree Payments has partnered with digital healthcare platform PharmEasy to facilitate quick and convenient payment settlements for its retail partners.
This partnership will leverage Cashfree Payments’ Payouts solution to automate transactions for the retail network.
Cashfree Payments’ payouts solution allows merchants to instantly pay vendors, process customer refunds, disburse loans, among other transactions. The company claims to have a 99.98% payout success rate.
PharmEasy, in its capacity of a marketplace/intermediary, facilitates and enables:
- The sale of pharmaceutical and healthcare products and services across various categories through its third-party retail partners which are spread across the country; and
- The payments for the sale and purchase transactions which are undertaken between consumers and retail partners. A customer can place an order on PharmEasy’s website or mobile app and can either pay online or opt for COD (cash on delivery). Once the payment is made by the customer, PharmEasy then compiles all the payments to be made to the retailer partners and disburses them on a daily basis.
With this partnership, PharmEasy will now be able to automate this process and facilitate settlement to retail partners within 48 hours of payments received from customers, without any manual intervention.
Through this partnership, Cashfree Payments has also helped PharmEasy in tracking and processing bounced/failed payouts transactions.
“We are delighted to partner with PharmEasy and extend our payouts solution. Payouts helps PharmEasy to automate their payment settlements to the retailers and vendor payouts reconciliation, thus creating a superior transaction experience for the company’s partners. We look forward to helping the company automate the entire payments process and contributing to its bid to make quality healthcare accessible to the masses,” Cashfree Payments Co-founder Reeju Datta said.
With over 50% market share among payment processors, Cashfree Payments leads the way in bulk disbursals in India with its product payouts.
Recently, State Bank of India invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem.
Cashfree Payments works closely with leading banks to build 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 US, Canada and the UAE.
