RING, the consumer-first digital payment app founded by the Kissht founders, has announced a partnership with Cashfree Payments, India’s leading payment and API banking solutions company, to enable RING’s customers across India to use their credit limit to pay at over 10,000 online merchants, benefiting 7 million people across the country.
By leveraging Cashfree Payments’ ‘Payment Gateway’ solution, the new services are intended to improve the customer journey by increasing RING’s online presence and providing clients with a hassle-free check-out experience. Despite the fact that this is a new venture, the potential transaction volume is substantial, with an average ticket size of roughly INR 1,000 per transaction.
“We are thrilled to partner with Cashfree Payments as we realize our vision to democratize credit for consumers across India”, said Karan Mehta, Co-Founder and CTO of RING. “Our aspirational customer base at RING is increasingly making purchases online and we wanted to provide them with a seamless way to pay using credit through RING. Our partnership with Cashfree Payments enables us to have more merchants onboard and continue to offer a frictionless customer experience. We are confident that this partnership will help us increase our transaction volumes.”
Reeju Datta, Co-Founder, Cashfree Payments, said “At Cashfree Payments, we are committed to empowering our merchants with seamless payment experiences that are both scalable and affordable. And with our new collaboration with RING, we aim to take this mission to the next level. Our goal is to enable customers to pay for their purchases in the most flexible and convenient manner possible, without any unnecessary hassles or roadblocks. By working closely with RING, we hope to drive greater financial inclusion across India and deliver even more value to end customers.”
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Customers, merchants, and both companies stand to benefit greatly from the collaboration between RING and Cashfree Payments. Both organisations will continue to look for new ways to provide value to their customers as they grow.
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