Bangalore based payments technology company Cashfree, launches Cashgram, a smart payout system for one time payments, like Cash on Delivery refunds in e-commerce. Cashgram is an extension of Cashfree’s Payout system that enables businesses to send money to their user and vendors.
The team at Cashfree
Using Cashgram, companies can send a web link to their users requesting bank account information. On receiving the information, a one click refund can be processed instantly. Currently, e-commerce companies do this manually over multiple emails between customer, finance team and customer support team, very often leading to errors and delays. Cashgram also gives the users the option of sharing their UPI IDs or PayTM, instead of their bank account.
Akash Sinha, Co-founder and CEO of Cashfree said, “Cashgram is a powerful product for businesses that need to pay their users – for refunds or otherwise. It not only saves operational overhead of processing payments but the customer’s trust on the e-commerce company also increases when they get their refunds instantly. This results in higher repeat rate.”
He further added, “We saw this phenomena with our Payouts product that is being used to pay vendors and affiliates, pay salaries, distribute winnings in gaming, disburse loans, reimburse expenses and of course, process refunds. That is when we thought of introducing this special product for e-commerce companies.”
The product is live with popular e-commerce companies like Nykaa, Rentomojo, and Club Factory as initial customers. The payouts product is already doing about 50,000 transactions everyday.
Cashfree was founded in 2015 by IIIT Hyderabad graduate Akash Sinha and IIT Kharagpur graduate Reeju Datta. Cashfree is backed by payments pioneer, Paypal and the popular silicon valley accelerator, Y Combinator. There are currently 5000 online and offline businesses that use Cashfree’s platform to collect payments from customers or send money to users and vendors. It counts gaming site Rummycircle, Google backed Dunzo, donation platforms like Ketto and Milaap amongst its popular customers.