Cashfree launches ‘BNPL Plus’ to streamline online payments for D2C

Fintech player Cashfree Payments has launched ‘BNPL Plus’ which will enable businesses to increase the visibility of affordable and flexible payment options to their customers.

The offering can be integrated with the businesses’ websites and also by brands hosted on popular platforms like WooCommerce and Shopify, said the startup in a statement. Once integrated, BNPL Plus will use intelligent personalisation to automatically show customers the most attractive offers and no-cost EMI options.

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With BNPL Plus, customers can easily see payment options like EMI, Pay Later and other attractive offers right upfront on the product display page of direct-to-consumer (D2C) brands. It leverages Cashfree Payments’ industry-leading BNPL suite, which offers 36 different EMI and Pay Later choices. BNPL Plus caters to a wide range of D2C businesses including ecommerce, edtech, travel, and hospitality.

“Integrating ‘BNPL Plus’ can increase the average order value up to 40 per cent, demonstrating how affordable payment options positively influence customer spending. It can reduce customer drop-offs up to 30 per cent and promotes repeat purchases by highlighting the best offers, discounts, and cashback incentives, fostering customer loyalty. ,” said the company.

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Akash Sinha, CEO and Co-Founder, Cashfree Payments said that BNPL Plus wil enhances India’s digital shopping experience and unlocks greater value for D2C businesses.

“In a competitive market, Indian sellers require extensive tools and a seamless customer journey to support their high-quality products. ‘BNPL Plus’ tackles the issue of large upfront payments for customers, a concern that often leads to cart abandonment. This widespread issue results in businesses losing over 30 per cent in annual sales revenue. ‘BNPL Plus’ revolutionises the discovery and offering of affordable payment options, creating a seamless and successful online shopping experience,” he said.

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Founded by Sinha and Reeju Dutta in 2015, Cashfree Payments has raised a total of $40.9M in funding over five rounds.

Cashfree Payments enables over 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Beyond India, its products are used in eight other countries, including the USA, Canada and UAE.