Digital lending startup RING partners with Cashfree Payments to offer easy credit to customers
Partnership is expected to make online purchases more affordable for around 7 million people across India
RING, the consumer-first digital payment app, from the founders of Kissht, has announced its 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 and is expected to benefit 7 million people across the country.
The new services are designed to enhance the customer journey by strengthening RING’s online presence and giving customers a hassle-free check-out experience by leveraging Cashfree Payments’ ‘Payment Gateway’ offering. Despite being a new venture, the potential transaction volume is significant, with an average ticket size of around 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 Mr. 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.”
The partnership between RING and Cashfree Payments is set to bring significant benefits to customers, merchants, and both companies involved. As both companies continue to grow, they will continue to explore new opportunities to deliver value to their customers.
About Cashfree Payments:
Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payment solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API, Lending disbursals solution and Auto Collect — a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 40 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 3,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.
