Cashfree Payments, a noteworthy Payments and API banking company, has successfully obtained the Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) license. With this, the company now holds three key licenses from the RBI which include Payment Aggregator (PA), Payment Aggregator-Cross Border (PA-CB), and Prepaid Payment Instrument (PPI).
If we look back to July this year, Cashfree Payments became the first payment service provider to receive RBI’s Payment Aggregator-Cross Border license. This license was given for handling imports and exports. Later, in December 2023, Cashfree Payments then secured the RBI’s Payment Aggregator license.
Cashfree Payments was established by Akash Sinha and Reeju Dutta with a focus on offering full-stack payment solutions. As a robust tech-driven platform, it empowers businesses across India to accept payments and make payouts across 180 payment modes. All these modes are available with simple integration.
Cashfree Payments is stationed out of Bengaluru, wherein, its products are used in eight other countries which include the USA, Canada, and the UAE. Furthemore, the company is backed by prominent investors which consists of Silicon Valley’s Y Combinator, Apis Partners, and State Bank of India (SBI). To note, it was also incubated by PayPal.
Today, Cashfree Payments claims to have successfully served over 600,000 businesses and processed more than USD 80 billion in transactions, annually. Additionally, it has introduced industry-first products such as Secure ID for onboarding KYC, FlowWise for payment orchestration, and Risk Shield for fraud monitoring if we look at the recent months. Cashfree Payments is also growing in the UAE through its acquired partner, Telr; thereby expanding its footprint beyond India.
