Bangalore based payment gateway company Cashfree, has launched Payouts for businesses, a simple and automated way to send money in bulk to any account in India, instantly.
Payouts enable businesses to send money to any account in India including UPI-BHIM IDs, Cards or mobile wallets. Businesses can either integrate Cashfree in their own system via an API or use a simple 3 column excel sheet to trigger transactions in bulk. Cashfree’s system enables instant transactions, 24×7, independent of banking hours. Payouts also allows businesses to verify transferee’s bank account details in real time before the transfer, thereby reducing any possible human error.
Akash Sinha, Co-Founder and CEO of Cashfree, said, “Payouts is revolutionary product for companies handling large number of daily transactions. The current systems offered by banks are outdated and are prone to errors. Any mistake from the user requires them to start all over again. Reconciliation of reversed transactions due to invalid account number is painful. Payouts takes care of all that and works even when it is a banking holiday. It not only saves operational overhead of processing payments but the customer and vendor trust on the company also increases when they get their payouts instantly. This results in higher loyalty and better repeat rates.”
The product is live with popular startups like Rentomojo, Club Factory, Rummy Circle, Ketto and Early Salary to name a few. Hyperlocal delivery companies, like Dunzo are using it for wage payments and gaming companies, Rummy Circle are using it for instant cashouts for users.
