Cashfree Payments, the India-based payments and API banking company, has launched its new ‘BBPS-Biller Solution’, which facilitates and simplifies interoperable bill payment collection for Indian businesses.
The new Cashfree Payments BBPS-Biller solution is a single integration platform designed for businesses handling repeat payments, enabling them to collect bill payments at scale.
BBPS-Biller solution, which was launched at the Bengaluru Tech Summit, aligns with the Reserve Bank of India‘s vision to offer integrated, accessible and interoperable bill payment services across geographies with safety of transactions.
Cashfree Payments’ BBPS-Biller Solution leverages the BBPS network to reduce collection costs by up to four times. Through real-time reporting and instant alerts, businesses can access 90 per cent faster reconciliation and twice as fast bill collection using Cashfree Payments’ guided onboarding and robust technical support.
Building on previous payments success
Akash Sinha, CEO and co-founder of Cashfree Payments, commented: “The launch of BBPS-Biller Solution will unlock opportunities and bring simplicity and ease in collecting bill payments for Indian businesses.
“This product will play a pivotal role in streamlining collections and settlements for businesses while fostering connections with millions of customers across India. At Cashfree Payments, we are committed to building innovative products and solutions that will not only empower businesses but also contribute towards strengthening the digital payments ecosystem in the country.”
Cashfree Payments today is among the leading online payment aggregators and also leads the way in bulk disbursals in India with its Payouts with over 50 per cent market share.
India’s largest lender, the State Bank of India invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments also works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products.
Cashfree Payments is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments solutions are used in eight other countries including the USA, Canada, and UAE.