Latest news with #CashfreePayments
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Business Standard
11-07-2025
- Business
- Business Standard
Fintech firm Cashfree Payments plans to add 100 lenders for VKYC by FY26
Fintech firm Cashfree Payments plans to scale its AI-based Video Know Your Customer (KYC) solution from the current four to at least 100 lenders by the end of the current financial year (FY26), a senior company executive said. The Bengaluru-based company is targeting Reserve Bank of India (RBI)-regulated entities such as non-banking financial companies (NBFCs) to expand the offering, aiming to improve conversion rates and reduce wait times for end customers. The company claims a conversion rate of 80%, higher than the industry average of 50%, and says it can complete a VKYC process in less time than the industry standard of eight to ten minutes. 'The idea is to get NBFCs to route all their flows through us and scale to at least 100 lenders by the end of this financial year,' said Reeju Datta, co-founder, Cashfree Payments. 'It's built for lenders in tier II and III since it works even on 150 kbps bandwidth and uses smart OCR (optical character recognition) while alerting you to issues like low light or blurred images,' he added. At present, operational challenges such as network bandwidth, document verification processes, and the availability of agents to conduct VKYC continue to exist. 'We handle document and PAN verification separately, before the VKYC process. Users enter VKYC only after completing PAN checks. This avoids failures from missing PAN during VKYC and improves success rates by running these steps asynchronously,' he explained. A longer waiting period also leads to increased drop-offs during the VKYC process, leading to a lower conversion rate for any given entity. To address this, the company is deploying an AI-driven solution capable of scheduling agent calls with customers. 'The agent scheduling is fully AI-driven, ensuring optimal capacity utilization. VKYC wait times, which are typically 3–5 minutes, are reduced to under a minute with smart scheduling, boosting conversion rates,' Datta added.
Business Standard
12-06-2025
- Business
- Business Standard
Cashfree Payments' Secure ID launches AI-powered, Multilingual Video KYC; Aims to Boost user Conversions by up to 80%
NewsVoir Bangalore (Karnataka) [India], June 12: Cashfree Payments' risk and verification arm, Secure ID has announced the launch of an RBI compliant, AI-powered Video KYC (VKYC) solution today. Aimed to boost user conversions by up to 80%, the platform is built to empower NBFCs, banks, lending platforms, insurance companies, and other regulated entities to digitally onboard users pan-India, including tier 2 and tier 3 regions. Commenting on the launch, Reeju Datta, Co-founder, Cashfree Payments said, "At Cashfree Payments, we understand the risk and compliance needs of Indian businesses. Our AI-powered Video KYC is designed to address one of their biggest pain points--secure, compliant, and seamless customer onboarding. By reducing fraud and drop-offs, and enabling real-time verification even in remote areas, this solution will help businesses expand and scale faster. It's a step forward in our mission to power growth with accessible, trusted, and future-ready financial infrastructure." As per data presented in the Lok Sabha, India has lost Rs. 107.21 crore to cyber fraud in the first three quarters of the ongoing financial year (FY25). With digital identity fraud on the rise and manual KYC processes plagued by high drop-offs and operational inefficiencies, the demand for a secure, scalable, and user-friendly solution has never been more critical. Traditional onboarding journeys often require users to fill lengthy forms, suffer long wait times, and navigate complex interfaces, leading to user fatigue, compliance gaps, and high operational costs. Cashfree's VKYC redefines the onboarding experience by offering an AI-assisted video KYC journey that supports low-bandwidth environments and makes pre-call form-filling 7X faster. It is mobile-first, compatible with 10k+ devices and provides access to over 20 regional languages with live AI-based translation during calls, ensuring every Indian gets onboarded with ease, regardless of device or language. To combat user drop-offs, Cashfree's VKYC integrates smart queue management with dynamic agent routing, priority queuing, and AI-powered nudges via WhatsApp, SMS, and email. Slashing live call duration to under 3 minutes (vs. 8-10 mins average), it enables each agent to handle over 200 calls per day. The platform boasts of AI-powered fraud detection capable of running more than 20 real-time checks, including, deepfake and spoof detection, PAN-Aadhaar match, face match, liveness detection, and geo-tagging, helping financial institutions reduce risk while remaining compliant with RBI and IRDAI guidelines. The system also generates tamper-proof, RBI-compliant audit trails in real time, boosting auditor efficiency through AI-powered tools. Cashfree's VKYC integrates with the company's broader SecureID stack, which offers a range of APIs for identity verification and fraud prevention. With VKYC, Cashfree Payments is doubling down on its commitment to reimagine the future of digital identity verification and fraud prevention for businesses, enabling them to onboard the next billion users with trust, speed, and simplicity. Cashfree Payments is a leader in payments in India. Founded in 2015, Cashfree Payments processes transactions worth $80B annually for more than 800,000 businesses. Businesses use Cashfree Payments to collect payments from 100+ payment methods, make payouts, make cross border payments, improve conversions with a one-click checkout, recover abandoned carts, and predict and reduce returns. With an easy onboarding and integration process, and compatibility with popular merchant platforms like Shopify, Wix, Wordpress, WooCommerce, WhatsApp, Cashfree Payments enables businesses to start transactions within a day. Cashfree Payments directly connects with all payment networks and owns its payment processing technology end-to-end, ensuring higher success rates and reliability. Built for scale, it enables businesses to process an industry-leading 12,000 transactions per second, handling peak demand effortlessly. Alongside payments, Cashfree Payments offers SecureID, an identity verification stack with a comprehensive suite of APIs and KYC components. SecureID enables fintechs and startups to streamline compliant onboarding and KYC flows by minimising user inputs, thus reducing drop-offs, intelligently verifying identity documents, and detecting fraud and anomalies with high accuracy. Cashfree Payments is authorised by the Reserve Bank of India to operate as a payment aggregator for both domestic and cross-border payments, and was one of the first entities to be authorised. It is also authorised to issue Prepaid Instruments. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.
Fashion Value Chain
12-06-2025
- Business
- Fashion Value Chain
Cashfree Payments' Secure ID launches AI-powered, Multilingual Video KYC; Aims to Boost user Conversions by up to 80%
Built to empower NBFCs, banks, lending platforms, insurance companies, and other regulated entities to digitally onboard users pan-India, including tier 2 and tier 3 regions Supports low-bandwidth environments and makes pre-call form-filling 7X faster It is mobile-first, compatible with 10k+ devices and provides access to over 20 regional languages with live AI-based translation during calls The platform boasts of AI-powered fraud detection capable of running more than 20 real-time checks, including deepfake and spoof detection Cashfree Payments' risk and verification arm, Secure ID has announced the launch of an RBI compliant, AI-powered Video KYC (VKYC) solution today. Aimed to boost user conversions by up to 80%, the platform is built to empower NBFCs, banks, lending platforms, insurance companies, and other regulated entities to digitally onboard users pan-India, including tier 2 and tier 3 regions. Reeju Datta, Co-founder, Cashfree Payments Commenting on the launch, Reeju Datta, Co-founder, Cashfree Payments said, 'At Cashfree Payments, we understand the risk and compliance needs of Indian businesses. Our AI-powered Video KYC is designed to address one of their biggest pain points-secure, compliant, and seamless customer onboarding. By reducing fraud and drop-offs, and enabling real-time verification even in remote areas, this solution will help businesses expand and scale faster. It's a step forward in our mission to power growth with accessible, trusted, and future-ready financial infrastructure.' As per data presented in the Lok Sabha, India has lost Rs. 107.21 crore to cyber fraud in the first three quarters of the ongoing financial year (FY25). With digital identity fraud on the rise and manual KYC processes plagued by high drop-offs and operational inefficiencies, the demand for a secure, scalable, and user-friendly solution has never been more critical. Traditional onboarding journeys often require users to fill lengthy forms, suffer long wait times, and navigate complex interfaces, leading to user fatigue, compliance gaps, and high operational costs. Cashfree's VKYC redefines the onboarding experience by offering an AI-assisted video KYC journey that supports low-bandwidth environments and makes pre-call form-filling 7X faster. It is mobile-first, compatible with 10k+ devices and provides access to over 20 regional languages with live AI-based translation during calls, ensuring every Indian gets onboarded with ease, regardless of device or language. To combat user drop-offs, Cashfree's VKYC integrates smart queue management with dynamic agent routing, priority queuing, and AI-powered nudges via WhatsApp, SMS, and email. Slashing live call duration to under 3 minutes (vs. 8-10 mins average), it enables each agent to handle over 200 calls per day. The platform boasts of AI-powered fraud detection capable of running more than 20 real-time checks, including, deepfake and spoof detection, PAN-Aadhaar match, face match, liveness detection, and geo-tagging, helping financial institutions reduce risk while remaining compliant with RBI and IRDAI guidelines. The system also generates tamper-proof, RBI-compliant audit trails in real time, boosting auditor efficiency through AI-powered tools. Cashfree's VKYC integrates with the company's broader SecureID stack, which offers a range of APIs for identity verification and fraud prevention. With VKYC, Cashfree Payments is doubling down on its commitment to reimagine the future of digital identity verification and fraud prevention for businesses, enabling them to onboard the next billion users with trust, speed, and simplicity. About Cashfree Payments Cashfree Payments is a leader in payments in India. Founded in 2015, Cashfree Payments processes transactions worth $80B annually for more than 800,000 businesses. Businesses use Cashfree Payments to collect payments from 100+ payment methods, make payouts, make cross border payments, improve conversions with a one-click checkout, recover abandoned carts, and predict and reduce returns. With an easy onboarding and integration process, and compatibility with popular merchant platforms like Shopify, Wix, WordPress, WooCommerce, WhatsApp, Cashfree Payments enables businesses to start transactions within a day. Cashfree Payments directly connects with all payment networks and owns its payment processing technology end-to-end, ensuring higher success rates and reliability. Built for scale, it enables businesses to process an industry-leading 12,000 transactions per second, handling peak demand effortlessly. Alongside payments, Cashfree Payments offers SecureID, an identity verification stack with a comprehensive suite of APIs and KYC components. SecureID enables fintechs and startups to streamline compliant onboarding and KYC flows by minimising user inputs, thus reducing drop-offs, intelligently verifying identity documents, and detecting fraud and anomalies with high accuracy. Cashfree Payments is authorised by the Reserve Bank of India to operate as a payment aggregator for both domestic and cross-border payments, and was one of the first entities to be authorised. It is also authorised to issue Prepaid Instruments. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.
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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.
