Bengaluru,1st December 2023: Cashfree Payments, India’s leading payments and API banking company, announced the launch of its ‘BBPS-Biller Solution’, which facilitates and simplifies interoperable bill payment collection for Indian businesses. It is a single integration platform designed for businesses handling repeat payments, enabling them to get discovered on 150+ digital channels and 35 lakhs+ offline collection centres on Bharat Bill Payment System and collect bill payments at scale. BBPS-Biller solution aligns with RBI’s vision to offer integrated, accessible and interoperable bill payment services across geographies with safety of transactions.
Announcing the launch, Akash Sinha, CEO and Co-founder, Cashfree Payments said, “The launch of BBPS-Biller Solution will unlock opportunities and bring simplicity and ease in collecting bill payments for Indian businesses. This product will play a pivotal role in streamlining collections and settlements for businesses while fostering connections with millions of customers across India. At Cashfree Payments, we are committed to building innovative products and solutions that will not only empower businesses but also contribute towards strengthening the digital payments ecosystem in the country.”
The BBPS-Biller Solution was launched at the ongoing Bengaluru Tech Summit.
Cashfree Payments’ BBPS-Biller Solution leverages the BBPS network to reduce collection costs up to 4X, leveraging all cash and digital collection points seamlessly. Through real-time reporting and instant alerts, the solution enables 90% faster reconciliation. Also businesses can experience 2X faster bill collection using Cashfree Payments’ guided onboarding and robust technical support.
Cashfree Payments today is among the leading online payment aggregators and also leads the way in bulk disbursals in India with its Payouts with over 50% market share. India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products. Cashfree Payments is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments solutions are used in eight other countries including the USA, Canada, and UAE.