Cashfree Payments, India’s premier payments and API banking firm, has announced the release of the UPI Plug-in, which allows mobile-first businesses to receive UPI payments from clients without requiring them to exit the application. This solution was developed in collaboration with NPCI and Axis Bank to provide complete security and compliance.
The UPI Plug-in from Cashfree Payments simplifies the UPI payment process by raising conversion rates, decreasing customer drop-offs, and improving customer experience. After choosing ‘Pay Now,’ the consumer merely needs to provide their 4- or 6-digit UPI PIN to complete the transaction. Businesses benefit with UPI Plug-in since the client does not leave the app throughout the payment process. This enables organisations to capture buyer intent more efficiently and tailor their approach to target clients who are actively contemplating making a purchase.
The UPI Plug-in from Cashfree Payments provides the end user with a smooth, convenient, and seamless payment experience. The solution is beneficial to organisations in a variety of industries, including travel aggregators, transportation services, e-commerce, food delivery, and rapid commerce.
Akash Sinha, CEO and Co-Founder, Cashfree Payments, said, “UPI payments have been a key factor in India’s booming e-commerce and mobile-first industries. However, the lack of transparency regarding customer drop-offs during the payment process and reliance on third-party UPI apps have emerged as significant concerns for these businesses. To address this, Cashfree Payments has launched a solution designed to enhance the success rate of UPI payments while providing greater visibility into the customer’s payment journey. By prioritising speed, security, and convenience in UPI payments, we are pushing the boundaries of innovation and advancing towards our vision of improving digital payments for the benefit of India’s businesses and economy.”
Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives at NPCI said, “We are thrilled to witness Cashfree Payments embrace our UPI Plug-in framework solution which will significantly improve the checkout experience for in-app purchases. The payments landscape is undergoing a digital transformation, and notably, UPI has paved the way for India’s remarkable global success. It is of utmost importance for UPI to continue iys evolution and stay aligned with the ever-changing dynamics of the market. We are confident that this innovative solution will benefit both businesses and customers.”
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Commenting on the announcement, Sanjeev Moghe, President & Head – Cards & Payments, Axis Bank, said “Axis Bank has been one of the pioneers in developing innovative solutions in UPI to provide simplified payments experience to its customers. Solutions like Plug-in SDK allows a faster checkout through In-App payments where the user does not need to open any other UPI App for completing the payment. This will lead to faster check-outs, less drop-offs, higher transaction completion rates and better payment experience for the customer.”
