Gurugram, 27 September, 2022: Freecharge, one of India’s leading digital payments & financial services platform has partnered with Cashfree Payments, one of India’s leading payments and API banking solutions company, to facilitate ‘Buy Now, Pay Later’ feature for the customers at no additional cost. The partnership will expand financing options for customers while also extending benefits to merchants, enabling them to scale their operations.
Customers can obtain a credit limit of up to ₹10,000 and opt to pay later with no additional charge during a 30 day repayment period. The partnership has the potential to accelerate customer adoption by leveraging Freecharge’s large user base. The BNPL solution’s integration will also help Cashfree Payments’ merchants boost sales and turn one-time customers into loyal customers.
With Freecharge Pay Later, users can start their credit journey within minutes and eventually build a credit profile. One major advantage of Pay Later is that it aids the customer in making secure payments without having to save their cards on merchants’ websites, provide PIN or net banking details. Freecharge’s objective, as a part of Axis Bank, is to make itself a comprehensive, open and secure digital financial services platform where consumers can access all the services with ease.
“The e-commerce ecosystem has successfully entered both rural and urban areas and this inclination has tossed the demand of small ticket lending to not only meet one’s several daily expenses, order food online or pay utility bills etc., but also help bridge the affordability gap. The need for quick and hassle-free payment services has further increased users’ demand for BNPL products due to the convenience it offers with a short term credit line. The collaboration between Freecharge and Cashfree Payments aims to facilitate a favourable environment for financial inclusion, particularly for users who do not have easy access to organised credit,” said, Freecharge CEO, Siddharth Mehta.
Speaking on the partnership, Reeju Datta, Co-Founder, Cashfree Payments said, “At Cashfree Payments, we provide our merchants with a compelling BNPL offering including card and cardless EMI and Pay Later options. We are glad to add Freecharge to our BNPL stack to help our merchants offer an effective credit option of Pay Later to their customers, and increase sales. For customers, it means availability of easy credit at no extra cost thereby making purchases more affordable. We have endowed an unfaltering focus in devising effective payments products for our merchants, and checkout experience for their customers. Partnerships as this will surely add to this imperative.”
Cashfree Payments with its Payment Gateway solution is enabling seamless checkout experience for businesses across industries by providing a wide range of payment options including BNPL. Flexible Buy Now Pay Later options with card and cardless EMI and Pay Later options like Freecharge have been instrumental in increasing customer conversions exponentially especially in case of online retail stores and other D2C brands while offering benefits like higher margin per order and opening new customer segments for merchants.
The Pay Later offering of Freecharge has received great response from customers. It is being widely used for a number of utilitarian needs. Freecharge Pay Later has been specifically designed to make every day small ticket payments more rewarding. The easy-to-use nature of this product can be very helpful in building customer loyalty.