Technology for MSMEs: US-based startup accelerator Y Combinator-backed on-line payments gateway Cashfree will support more than 3 million micro and modest merchants linked with Dukaan, which aids construct their e-commerce web-sites and more, in their on-line payment collections and disbursals. These merchants will have access to Cashfree’s e-commerce suite that enables enterprises to accept client payments on their internet site, mobile app, social media channels, or via a payment hyperlink. “Our solution allows customers to directly make online payments to the digital shop owners ensuring instant settlements in real-time with better cash flow, cash management, and reduced risk. Secondly, merchants do not require any KYC,” Akash Sinha, CEO and Co-founder, Cashfree told TheSpuzz Online. Cashfree competes with Paytm, Razorpay, CC Avenue, Bill Desk, Instamojo, and so forth.
The pandemic has altered the outlook of MSMEs such as grocery retailers towards digital options which includes payments as shoppers have increasingly grow to be wary of utilizing money. However, the adoption curve with respect to digital options has been steep for merchants. “E-payments lowers the need for physical contact, which is essential in the current pandemic world, while further reducing the time spent on a mobile device to make a purchase by the consumer, hence simplifying the e-commerce process for a store owner,” Suumit Shah, Founder and CEO, Dukaan told TheSpuzz Online. The startup is searching to have 20 million merchants open their digital retailers on its platform in the next 12 months.
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India’s payment gateway marketplace is most likely to develop to $1.71 billion by 2025 from $446 million in 2017, as per Statista. The development is getting triggered by the rise in e-commerce transactions. According to the Indian Brand Equity Foundation, the Indian e-commerce sector is most likely to surpass the US marketplace to grow to be the second-biggest e-commerce marketplace in the world by 2034. For the present decade, the e-commerce marketplace is anticipated to develop to $200 billion by 2026 from $38.5 billion in 2017. Cashfree has so far raised $40.9 million and had last raised $35.3 million in Series B funding in November 2020, as per information from Crunchbase. Apis Partners, Smilegate Investment, other folks are amongst its investors.