Payments and banking technology company, Cashfree, has announced its partnership with TradeIndia, India’s largest B2B marketplace, to enable online payments collection through cards, UPI, internet banking, and other digital solutions as a part of its TradeKhata offering. The publicly listed company, with more than 5.5 million registered SMEs, offers buyers and sellers, both local and global, a reliable digital marketplace to identify trustworthy business partners and engage them. Additionally, Cashfree will also allow TradeIndia to verify SME accounts when they sign up onto the TradeKhata platform.
Reeju Datta, Co-founder of Cashfree said, “As we move rapidly towards a digital first economy, it becomes imperative for small and medium enterprises to embrace digital payments at scale in order to grow their businesses. TradeIndia with its huge network of SMEs offers a great opportunity to effect this change, and we are glad to tailor payments and banking solutions for them.”
Sandip Chhettri, COO at TradeIndia said, “We are delighted to partner with Cashfree to enable our merchants with digital payments on the TradeKhata platform. As the economy goes digital, TradeIndia is looking to enable 5.5 million SMEs on our platform with online payments by partnering with Cashfree. With this partnership, we are enabling our merchant partners to streamline business operations by automating invoicing, payment collections, bulk payouts & customer data management.”
Despite the various hurdles to businesses imposed by the lockdown and limited technological awareness among the majority of SME business owners, the TradeIndia.com platform still managed to accrue a transactional invoice value worth Rs 1800 Cr during the period.
Cashfree has also introduced solutions like Instant Settlements on its payment gateway; recurring payments via Subscriptions; and a UPI Stack with 15 ready-to-use integrations for all business payment needs including collections, disbursals, and verifications using UPI infrastructure. The Instant Settlement feature launched at the beginning of 2020 helps enterprises access funds within 15 minutes of payment capture via its payment gateway as compared to the industry standard of two to three business days. The feature also helps online businesses with increased working capital availability and has witnessed rapid adoption. Cashfree aims to sign up 100,000 merchant partners by the end of the current fiscal year.