Fintech startup Cashfree Payments has launched a cross-border payments pilot in partnership with Swiggy, Zepto, Nature’s Basket, Nykaa, Bookmyshow, Redbus and Vedantu.
This pilot program is aimed at users of UPI and RuPay cards, which are not generally recognized for global transactions.
The Bangalore-based startup also received the Prepaid Payment Instrument (PPI) license from RBI a few weeks ago to facilitate the purchase and transfer of funds against a pre-loaded value.
Months after obtaining the Cross-Border Payment Aggregator License (PA-CB)fintech startup Cashless
Payments has now partnered with some major Indian companies to allow foreign customers to make payments in the country.
This pilot program is aimed at users of UPI and RuPay cards, which are not generally recognized for global transactions.
According to ET, the Bengaluru-based company has partnered with food-tech giant Swiggy, fast-food giant Zepto, premium grocery platform Nature’s Basket, online fashion and beauty retailer Nykaa, to online ticketing platform Bookmyshow, online travel booking platform Redbus and edtech company Vedantu.
Inc42 has contacted Cashfree for comment on the development. The story will be updated based on the response.
“We are doing a pilot project with half a dozen major merchants which will be completed by the end of this year,” Managing Director Akash Sinha was quoted as saying in the report.
“If you are a SaaS customer and the services range between $10,000 and $20,000, you cannot ask your customer to make credit card payments due to the fees involved. We give these merchants an account and money can be collected in a transparent manner,” Sinha added. .
Founded in 2015 by Sinha and Reeju Datta, Cashfree operates a comprehensive digital payments solutions platform. He also received the Reserve Bank of India Award Prepaid Payment Instrument (PPI) Licensea few weeks ago, to facilitate the purchase and transfer of funds against a preloaded value.
Cashless payments said its net loss widened by 2.17% to INR 136 Cr in the financial year 2023-24 (FY24), compared to INR 133.1 Cr in the previous financial year.
However, the Bengaluru-based startup’s operating revenue grew 4.19% to INR 639.3 Cr during the year under review, compared to INR 613.6 Cr reported during the exercise 23.
Weeks after Cashfree’s license was approved, three other labels, including fintech startup BillDesk, Amazon Pay India and global payments giant Adyen, have received approval from the Reserve Bank of India (RBI) to operate as cross-border payment aggregators.