Cashfree Payments Transforms Bill Payment Collection for Indian Businesses

Cashfree Payments, the renowned Indian payments and API banking company, has introduced its groundbreaking ‘BBPS-Biller Solution,’ aimed at simplifying and streamlining bill payment collections for Indian businesses, according to The Fintech Times.

The innovative Cashfree Payments BBPS-Biller solution serves as a unified integration platform tailored to businesses dealing with recurring payments, empowering them to efficiently gather bill payments on a large scale.

Unveiled during the Bengaluru Tech Summit, the BBPS-Biller solution aligns seamlessly with the Reserve Bank of India’s vision of providing comprehensive, easily accessible, and interoperable bill payment services while ensuring transaction security across diverse regions.

Cashfree Payments’ BBPS-Biller Solution leverages the BBPS network, effectively reducing collection expenses by up to fourfold. Businesses can benefit from real-time reporting and instant alerts, enabling them to achieve a 90 percent faster reconciliation process and twice the speed in bill collection. This is further facilitated by Cashfree Payments’ user-friendly onboarding process and robust technical support.

Akash Sinha, the CEO and co-founder of Cashfree Payments, expressed his thoughts on this groundbreaking development: «The launch of BBPS-Biller Solution will unlock opportunities and bring simplicity and ease to the process of 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 has cemented its position as one of India’s leading online payment aggregators, with a dominant market share in bulk disbursals through its ‘Payouts’ service, capturing over 50 percent of the market.

Highlighting the company’s significance, the State Bank of India, India’s largest lender, has invested in Cashfree Payments, emphasizing its pivotal role in fortifying the nation’s payment ecosystem. Cashfree Payments collaborates closely with all major banks to establish the fundamental payments and banking infrastructure that fuels its suite of products.

Notably, Cashfree Payments seamlessly integrates with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Beyond India, Cashfree Payments’ solutions find utility in eight other countries, including the USA, Canada, and the UAE.

Cashfree Payments continues to be a trailblazer in the Indian fintech industry, empowering businesses and advancing the digital payments landscape, both domestically and internationally. With the launch of the BBPS-Biller Solution, it is poised to revolutionize bill payment collections, bringing unparalleled ease and efficiency to Indian businesses.