Bengaluru based payments technology company, Cashfree has launched PhonePe as a checkout option on its payment gateway. 5000 merchants will be able to accept PhonePe as a payment method. As a launch offer PhonePe is also running a 10% cashback for all users.
Akash Sinha, Co-Founder and CEO of Cashfree, said “Flipkart is aggressively promoting Phone Pe, so it’s a good time for our merchants to capitalize on this. We are really excited about being the first payment gateway to bring PhonePe as a payment option to 5000 e-commerce merchants. At Cashfree, we strive to bring the best offerings around fintech and payments to our merchants as soon as possible.”
Ankit Gaur, Director of PhonePe said “We are excited to bring PhonePe to a large versatile set of merchants through Cashfree. Phone Pe is the most convenient way to pay online and we want to push the Indian online industry forward by bringing it to merchants outside of Phone Pe. Cashfree is a very valuable partner in this.”
Cashfree currently does more than 4 Million transactions every month. Transaction volume growth has crossed 50% month on month mark on the back of new product launches. Cashfree has done similar partnership with Google Pay, Amazon Pay, Ola Postpaid in the recent past. It is the first payment gateway in India to provide all these new options together.
Cashfree was founded in 2015 by IIIT Hyderabad graduate Akash Sinha and IIT Kharagpur graduate Reeju Datta. Cashfree is backed by payments pioneer, Paypal and the popular silicon valley accelerator, Y Combinator. There are currently 8000 online and offline businesses that use Cashfree’s platform to collect payments from customers or send money to users and vendors. Zomato, Mi, Tencent Games, Rummycircle, Google-backed Dunzo, donation platforms like Ketto and Milaap amongst its popular customers.