Cashfree Payments, one of India’s leading payment and API banking solutions firms, has teamed with PharmEasy, one of India’s leading digital healthcare platforms, to provide its retail partners with rapid and efficient payment settlements. The Payouts solution from Cashfree Payments will be used in this collaboration to automate transactions for the retail network.
The Payouts solution from Cashfree Payments enables retailers to rapidly pay vendors, process consumer refunds, and disburse loans, among other transactions. The solution is extremely reliable, with a payout success rate of 99.98 percent.
PharmEasy, as a marketplace/intermediary, facilitates and enables (a) the sale of pharmaceutical and healthcare products and services across various categories through its third-party retail partners located throughout the country; and (b) payments for sale and purchase transactions conducted between consumers and retail partners. A customer can place an order on PharmEasy’s website or mobile app and pay online or by cash on delivery. PharmEasy aggregates all payments to be made to store partners and disburses them on a daily basis when the customer makes the payment.
PharmEasy will now be able to automate this process and allow settlement to retail partners within 48 hours of payments received from clients, thanks to Cashfree Payments’ ‘Payouts’ API interface. This approach has greatly decreased human intervention, saving payment settlement time.
Cashfree Payments has also assisted PharmEasy in tracking and processing bounced/failed payout transactions as a result of this collaboration. PharmEasy has automated this process with Cashfree Payments’ ‘Payouts,’ and is now able to reconcile bounced/failed transactions within 24 hours and take action, resulting in accurate payouts on schedule and increased partner satisfaction.
With its product Payouts, Cashfree Payments now leads the way in bulk disbursals in India, with a market share of more than 50 percent among payment processors. SBI, India’s largest lender, recently invested in Cashfree Payments, highlighting the company’s importance in developing a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE.
