India-based payments and API banking company Cashfree Payments has tapped Shopify in a bid to extend onsite payments for Indian merchants. Via this partnership, Cashfree Payments seeks to launch onsite payments with cards for merchants in India.

Following the introduction of this new feature, merchants are expected to be able to offer a better checkout experience for their clients by collecting payment information directly on their websites. As outlined in the official press release, before introducing this new capability, customers were redirected to a new website to complete their transactions – which led to delayed order completion and resulted in lower-intent customers dropping off. By tackling this pain point, onsite payments are said to offer a better checkout experience for all parties involved.

Moreover, by eliminating the need for customers to be redirected to a third-party page, merchants are anticipated to enjoy a reduced transaction time, fewer customer drop-offs, and higher revenues. The onsite payments feature on Shopify was initially solely available to stores in the US. The partnership between Cashfree Payments and Shopify currently enables customers to pay via credit and debit cards – however, additional payment options are reportedly going to be added in the future.

Cashfree Payments’ strategy and past developments Cashfree Payments is a fintech providing payment and API banking solutions. The company extends full-stack payment offerings that help Indian businesses collect payments and make payouts via various methods with one integration. Among the array of capabilities that the provider offers is a split payment feature for marketplaces, bank account verification API, a lending disbursals offering, and Auto Collect – a virtual account that allows users to automatically accept and manage payments.

When it comes to its reach, it is reported that Cashfree Payments has an over 50% market share among payment processors in India. Moreover, the company is also an online payment aggregator. This is not the sole solution introduced by Cashfree Payments in 2023, as the company launched the UPI Plug-in service for mobile-first businesses and Vendor Payments.

Moreover, the payment and API banking solution provider revealed that it secured a partnership with Jamboree. Previously, the company introduced another offering that caters to the needs of business. Developed in partnership with NPCI, the company launched the AutoPay on QR, a product that aimed to enable subscription-based businesses to grow return on investment (ROI) on ad spends.

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