Cashfree Payments’ new BBPS-Biller Solution enhances ease for Indian businesses in collecting interoperable bill payments.
The new “BBPS-Biller Solution” from Cashfree Payments, an API banking and payments firm with headquarters in India, makes it easier and more convenient for Indian businesses to collect interoperable bill payments.
With the help of the new Cashfree Payments BBPS-Biller solution, organizations that handle recurring payments may collect bill payments on a large scale through a single integration platform.
In line with the Reserve Bank of India’s goal to provide integrated, accessible, and interoperable bill payment services across geographies with transaction security, the BBPS-Biller solution was introduced at the Bengaluru Tech Summit.
The BBPS-Biller Solution from Cashfree Payments uses the BBPS network to cut collection costs by up to four times. With Cashfree Payments’ guided onboarding and strong technical support, businesses may receive 90% faster reconciliation and twice as fast bill collection through real-time reports and instant alerts.
Building on the success of earlier payments
“The launch of BBPS-Biller Solution will unlock opportunities and bring simplicity and ease in bill collection for Indian businesses,” said Akash Sinha, CEO and co-founder of Cashfree Payments.
“This solution will facilitate connections with millions of clients throughout India and play a critical role in expediting collections and payments for enterprises. At Cashfree Payments, we’re dedicated to creating cutting-edge goods and services that will support the nation’s digital payments ecosystem while also empowering companies.
With a market share of more than 50%, Cashfree Payments is currently one of the top online payment aggregators and sets the standard for bulk payouts in India.
The State Bank of India, the biggest lender in India, made an investment in Cashfree Payments, highlighting the company’s contribution to the development of a strong payments ecosystem. Additionally, Cashfree Payments collaborates closely with all of the top banks to develop the basic banking and payment infrastructure that supports its offerings.
Major platforms including Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay are also linked with Cashfree Payments. Eight other nations, including the United States, Canada, and the United Arab Emirates, use Cashfree Payments solutions in addition to India.