Latest news with #CashfreePayments
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Business Standard
26-05-2025
- Business
- Business Standard
PayU rolls out MCP server to integrate AI assistants, payment systems
Prosus-backed fintech PayU has joined other peers in the category to roll out a Model Context Protocol (MCP) server, where its merchants can connect their artificial intelligence (AI) assistants to the company's payment systems. Razorpay and Cashfree Payments rolled out the offering for their customers earlier this month. An MCP server acts as a bridge to communicate between AI assistants — such as Claude or VS Code — and the company's payment gateway. Think of it like a 'universal connector' — in other words, like a USB-C port — that allows different software systems to work together easily. This enables AI agents and assistants to interface directly with core application programming interfaces (APIs), streamlining integration for merchants of all sizes. PayU said early use cases include generating payment links, emailing invoices to customers, fetching payment status using invoice IDs, and checking transaction or refund statuses. The company said it was expanding the MCP server's capabilities to include the ability to create invoices and orders through AI assistants and to onboard customers efficiently. 'The future of payments lies in intelligent automation and seamless integrations with advanced tools including GenAI platforms. With our latest MCP server, we are taking a leap forward in payments technology, enabling businesses to make their financial operations simple, more efficient, all while ensuring the highest standards of security,' said Narendra Babu, Chief Technology Officer at PayU.
Mint
26-05-2025
- Business
- Mint
Cashfree Payments eyes profitability as it focuses on $250-300 million monthly in cross-border payments
Fintech startup Cashfree Payments aims to hit $250-$300 million in monthly cross-border transactions by the end of the year, according to one of the co-founders. "We're trying to create the market, given that the payment aggregator-cross border (PA-CB) guidelines are so new. We are signing up customers but they're also adapting to the new regime," Cashfree co-founder and chief executive officer Akash Sinha told Mint in an interview. The Reserve Bank of India issued the PA-CB guidelines in October to facilitate payments for the import and export of goods and services. The RBI gave Cashfree a PA-CB licence in July 2024. Cashfree's focus this year is on building its cross-border payments vertical for which it will use the $53 million raised from South Korean gaming giant Krafton and Apis Partners in February. Cashfree said it's currently in the pilot stage with a few merchants while some of its larger clients have already integrated cross-border payments into their ecosystems and are waiting to go live. The company is targeting businesses that expect 5% to 10% of their revenue from the Indian market. Also Read | Cashfree to expand cross-border payments after $53 mn funding Only three other companies have a PA-CB license: Amazon Pay, BillDesk, and Adyen India. Skydo Technologies received in-principle authorisation to operate as a PA-CB licence holder. Globally, the cross-border payments market, in both wholesale and retail, had a total addressable market of $194.6 trillion in 2024, according to FXC Intelligence, a data intelligence firm. The market is expected to grow to $320 trillion by 2032. Building a market While Cashfree hasn't identified any segments that could turn out to be growth drivers for cross-border payments, the company views retail, the services market, travel and education as those with a lot of traction. 'Basically, larger B2C businesses. Industries like travel are big for Indian consumers, who are using international travel apps and websites. Education is a big one, people are buying courses," Sinha said. But the regulatory landscape is vast. Narrow it down to specific sectors and there are other requirements to be mindful of such as deduction of tax collected at source on remittances towards education expenses. 'Companies processing cross-border payments will also need to ensure their cross-border payment leg aligns with RBI's payment aggregator-cross-border norms, which could trigger additional licensing requirements," said Probir Roy Chowdhury, a partner at JSA Advocates & Solicitors. Cashfree intends to leverage the strength of the India-US corridor. But entry into the country will be tough with several companies in that market including Stripe, Wise, Rapyd, WorldRemit and Remitly. That's not even taking into account a giant like PayPal. 'The US already has a bunch of buy-now-pay-later options. They have a bunch of EMI-related options. We need to make our offerings attractive to US customers because we're not just competing with Indian brands, we're also competing with a bunch of brands in that geography," the Cashfree founder said. Also Read | For Razorpay, Cashfree and others, RBI presents a new headache The company is currently working on helping Indian brands that have tied up with Cashfree to earn trust with US customers by providing them an 'at par" experience. 'We're working on finding partnerships with the right payments providers in the US, bringing more payment partners on to the platform which are US-based and help Indian brands who can use them as partners," said Sinha. 'The integrations are not very straightforward, so that's what we're working on and making sure Indian brands are competitive on a global scale." Trust factor While fintechs might be innovating to provide seamless experiences to merchants, buyers and exporters, trust continues to be in a deficit. Bringing different stakeholders on board means simplifying processes while also providing clarity on different parts of the value chain. In a bid to make Cashfree more competitive abroad, Sinha said the company is trying to bring parity with what US brands provide their customers. However, the real challenge, according to the company, is building trust in a system that is new. 'Trust, I think, is the biggest blocker. Customers could feel like they've made a payment but what if a merchant doesn't deliver, what happens to their payment?" asked Sinha. It's something Cashfree has been seeing since it started cross-border payments. Also Read | Is EPF advisory the next fintech goldmine? 'Indian fintechs will need to actively liaise and form partnerships with foreign payment aggregators to offer seamless local processing capabilities. Providing more customised solutions and integrations with offshore processors will help them scale in the long-term," according to Prashant Ramdas, a partner at corporate law firm Khaitan & Co. Profitability The company is on track to becoming profitable in August-September in FY26, according to Sinha. 'We're 100% going to be profitable this year. We're very close and we don't have to wait for months. We'll be there somewhere in Q2 of this fiscal." Mint previously reported that the company was targeting profitability in Q1 of FY25. However, the company said it delayed that target as it made several investments and spent more on research and development. The company said its revenue numbers will showcase double-digit growth in FY25. 'Growth won't happen if we don't invest in areas which will pay us revenue in two to three years. It's why we chose to continue to invest in the business in FY25 itself," Sinha said.
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Business Standard
15-05-2025
- Business
- Business Standard
Fintechs push AI, new protocol to simplify backend tools for merchants
Cashfree and Razorpay use AI agents and a new protocol to simplify backend systems and automate payments, easing merchant operations across fintech platforms Premium Mumbai Listen to This Article Business-to-Business (B2B) fintech companies like Cashfree Payments and Razorpay are making it easier for businesses (merchants) to manage complicated backend systems. They are doing this with the help of artificial intelligence (AI)-powered agents and a tool called 'Model Context Protocol' (MCP). The MCP is like a 'universal connector' — in other words like a USB-C port — that allows different software systems to work together easily. This enables AI agents and assistants to interface directly with core application programming interfaces (APIs), streamlining integration for merchants of all sizes. Without it, businesses would require manual and complex integration of
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Business Standard
08-05-2025
- Business
- Business Standard
Cashfree Payments supports over 140 currencies on upgraded global gateway
Payments company Cashfree Payments today announced that it supports over 140 currencies on its international payment gateway, becoming the first Indian fintech to offer the widest range of currency acceptance for Indian businesses. This feature enables both one-time and recurring transactions on international cards. This upgrade aims to help Indian merchants expand business by up to 30 per cent, claimed the company. Nitin Pulyani, SVP – Product at Cashfree Payments, said, 'The surge in cross-border payments signals a growing demand for faster, cost-efficient global transactions. With support for 140+ currencies, our upgraded international payments gateway gives Indian businesses instant global reach, better access to an international consumer base, and the ability to drive higher revenue.' As India's e-commerce exports head toward a projected $200 billion by 2026, many merchants still face hurdles in going global—chief among them, the friction caused by currency conversion during cross-border transactions. For international customers, seeing prices only in INR can cause confusion and drop-offs, directly impacting customer conversions and revenue. Cashfree Payments addresses this very challenge by enabling merchants to offer their global customers a seamless, localised checkout experience, said the company. Powered by its Pay Native feature, customers can now pay in their local currency while businesses get settled in INR. Cashfree Payments was one of the first entities to be authorised by the Reserve Bank of India to operate as a payment aggregator for both domestic and cross-border payments (import and export). It is also authorised to issue prepaid instruments. Cashfree Payments currently processes $80 billion annually and works with 800,000 businesses, from internet start-ups to public enterprises. In India, Cashfree Payments is trusted by brands like Swiggy, redBus, Zepto, Astro Talk, HDFC Life, and more. In addition to India, Cashfree Payments is expanding its footprint in the UAE and sees significant growth potential offering payments and related products across the Middle East.
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Business Standard
08-05-2025
- Business
- Business Standard
Cashfree Payments supports 140 currencies on upgraded global gateway
Payments company Cashfree Payments today announced that it supports over 140 currencies on its international payment gateway, becoming the first Indian fintech to offer the widest range of currency acceptance for Indian businesses. This feature enables both one-time and recurring transactions on international cards. This upgrade aims to help Indian merchants expand business by up to 30 per cent, claimed the company. Nitin Pulyani, SVP – Product at Cashfree Payments, said, 'The surge in cross-border payments signals a growing demand for faster, cost-efficient global transactions. With support for 140+ currencies, our upgraded international payments gateway gives Indian businesses instant global reach, better access to an international consumer base, and the ability to drive higher revenue.' As India's e-commerce exports head toward a projected $200 billion by 2026, many merchants still face hurdles in going global—chief among them, the friction caused by currency conversion during cross-border transactions. For international customers, seeing prices only in INR can cause confusion and drop-offs, directly impacting customer conversions and revenue. Cashfree Payments addresses this very challenge by enabling merchants to offer their global customers a seamless, localised checkout experience, said the company. Powered by its Pay Native feature, customers can now pay in their local currency while businesses get settled in INR. In India, Cashfree Payments is trusted by brands like Swiggy, redBus, Zepto, Astro Talk, HDFC Life, and more. In addition to India, Cashfree Payments is expanding its footprint in the UAE and sees significant growth potential offering payments and related products across the Middle East.
