Latest news with #ReejuDatta
Time of India
5 days ago
- Business
- Time of India
UPI fraud clampdown: NPCI to end P2P collect requests from October 1; Banks, apps told to block pull transactions permanently
National Payments Corporation of India (NPCI) has directed banks and payment apps to stop all peer-to-peer (P2P) 'collect requests' on UPI from October 1, 2025, in an effort to curb financial fraud. In a circular dated July 29, NPCI said, 'It is hereby informed that by October 1, 2025 UPI P2P collect shall not be allowed to be process in UPI.' "All member banks, Payment Service Providers (PSPs) and UPI apps are hereby directed to implement the necessary changes in their systems and operational processes to ensure that no P2P collect transaction is initiated, routed, or processed on UPI beyond October 1, 2025," it added, reported PTI. The move means that all banks and UPI apps — including PhonePe, Google Pay, and Paytm — will no longer be able to initiate, route, or process P2P collect transactions after the deadline. At present, the maximum amount that can be collected from another individual per transaction is Rs 2,000, with a daily cap of 50 successful transactions. "By eliminating this feature, UPI reinforces its position as a platform that is fast and easy, while also being secure and reliable. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Back Pain Treatments That Might Surprise You! Back Pain Treatment | Search Ads Undo This change, removing a high-risk channel, will significantly reduce fraud. Now, all P2P transactions will be payer-initiated, requiring the user to scan a QR code," NTT DATA Payment Services India CFO Rahul Jain said. In such cases, the payer will have full control over the transactions they initiate, he noted. NPCI had capped pull transactions at Rs 2,000 in 2019, but fraud incidents continued. 'This move will act as a safeguard for users, and such frauds will now be eliminated,' it said. 'NPCI's decision to discontinue UPI 'collect' requests closes a loophole long exploited in payment scams, marking a decisive step toward a safer digital economy,' said Reeju Datta, co-founder of Cashfree Payments. He noted that championing user-initiated 'push' transactions enhances consumer control and transparency while reinforcing trust in digital payments. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
&w=3840&q=100)
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.
