Customers can obtain a credit limit of up to Rs 10,000
New Delhi, NFAPost: Freecharge, one of India’s leading digital payments & financial services platform, has partnered with Cashfree Payments, one of India’s leading payments and API banking solutions company, to facilitate ‘Buy Now, Pay Later’ feature for the customers at no additional cost.
The partnership will expand financing options for customers while also extending benefits to merchants, enabling them to scale their operations. Customers can obtain a credit limit of up to Rs 10,000 and opt to pay later with no additional charge during a 30 day repayment period.
The partnership has the potential to accelerate customer adoption by leveraging Freecharge’s large user base. The BNPL solution’s integration will also help Cashfree Payments’ merchants boost sales and turn one-time customers into loyal customers.
With Freecharge Pay Later, users can start their credit journey within minutes and eventually build a credit profile. One major advantage of Pay Later is that it aids the customer in making secure payments without having to save their cards on merchants’ websites, provide PIN or net banking details. Freecharge’s objective, as a part of Axis Bank, is to make itself a comprehensive, open and secure digital financial services platform where consumers can access all the services with ease.
Freecharge CEO Siddharth Mehta said the ecommerce ecosystem has successfully entered both rural and urban areas and this inclination has tossed the demand of small ticket lending to not only meet one’s several daily expenses, order food online or pay utility bills etc., but also help bridge the affordability gap.
“The need for quick and hassle-free payment services has further increased users’ demand for BNPL products due to the convenience it offers with a short term credit line. The collaboration between Freecharge and Cashfree Payments aims to facilitate a favourable environment for financial inclusion, particularly for users who do not have easy access to organised credit,” said Freecharge CEO Siddharth Mehta.
Speaking on the partnership, Cashfree Payments Cofounder Reeju Datta said Cashfree Payments provides merchants with a compelling BNPL offering including card and cardless EMI and Pay Later options.
“We are glad to add Freecharge to our BNPL stack to help our merchants offer an effective credit option of Pay Later to their customers, and increase sales. For customers, it means availability of easy credit at no extra cost thereby making purchases more affordable. We have endowed an unfaltering focus in devising effective payments products for our merchants, and checkout experience for their customers. Partnerships as this will surely add to this imperative,” said Cashfree Payments Cofounder Reeju Datta.
Cashfree Payments with its Payment Gateway solution is enabling seamless checkout experience for businesses across industries by providing a wide range of payment options including BNPL. Flexible Buy Now Pay Later options with card and cardless EMI and Pay Later options like Freecharge have been instrumental in increasing customer conversions exponentially especially in case of online retail stores and other D2C brands while offering benefits like higher margin per order and opening new customer segments for merchants.
The Pay Later offering of Freecharge has received great response from customers. It is being widely used for a number of utilitarian needs. Freecharge Pay Later has been specifically designed to make every day small ticket payments more rewarding. The easy-to-use nature of this product can be very helpful in building customer loyalty.
About Freecharge:
Headquartered in Gurugram, Haryana, Freecharge is India’s leading digital payments and financial services player. A 100% subsidiary of Axis Bank, Freecharge is focused on providing its customers a wide suite of financial products ranging across payments, lending and investments. Freecharge has always been known for offering safe and seamless UPI payments, utility bill payments, mobile, DTH recharges, etc.
With a robust infrastructure supporting multiple payment methods, Freecharge users can choose to pay via Wallet, UPI, Net Banking, Debit Cards and Credit Cards to spend across categories at their favourite offline or online merchant. Freecharge products on the investment side range from Mutual funds, Fixed Deposits to Digital Gold. On the lending front, the offerings span across Buy Now Pay Later, Personal loans, EMI products, all supported by Axis Bank. To encourage users towards better financial management there are also tools like Goal Management System (GMS) and Financial Strength Score (FIST).
Freecharge is a significant player in the merchant business and is constantly building new products to support small and mid-size retailers across payments, banking and lending. Unique products like Khata and Payment Link have been designed keeping in mind the needs of small and mid-size merchants. Merchant Cash Advance is a new product designed to provide seamless and secure loans to the merchants with zero collaterals, thus helping them with the required working capital along with easy repayment options.
About Cashfree Payments
Cashfree Payments is a leading payment and API banking Solutions Company. It provides full-stack payments solutions enabling businesses in India to collect payments and make pay-outs 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 verification API, 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, www.cashfree.com 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 1,50,000 businesses with payment collections, vendor pay-outs, wage pay-outs, 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, Api’s Partners, State Bank of India (SBI), and was incubated by PayPal.
