Cashfree Payments unveils ‘BBPS-Biller Solution’ for Indian SMBs
By Gloria Mathias
Cashfree Payments, India’s payments and API banking company has announced the launch of its ‘BBPS-Biller Solution’, which facilitates and simplifies interoperable bill payment collection for Indian businesses.
It is a single integration platform designed for businesses handling repeat payments, enabling them to get discovered on 150+ digital channels and 35 lakh+ offline collection centres on the Bharat Bill Payment System and collect bill payments at scale.
The BBPS-Biller solution aligns with RBI’s vision to offer integrated, accessible, and interoperable bill payment services across geographies with the safety of transactions.
Announcing the launch, Akash Sinha, CEO and Co-founder, of Cashfree Payments said, “The launch of the BBPS-Biller Solution will unlock opportunities and bring simplicity and ease to collecting bill payments for Indian businesses. This product will play a pivotal role in streamlining collections and settlements for businesses while fostering connections with millions of customers across India. At Cashfree Payments, we are committed to building innovative products and solutions that will not only empower businesses but also contribute towards strengthening the digital payments ecosystem in the country.”
The BBPS-Biller Solution was launched at the ongoing Bengaluru Tech Summit. Cashfree Payments’ BBPS-Biller Solution leverages the BBPS network to reduce collection costs up to 4X, leveraging all cash and digital collection points seamlessly.
Through real-time reporting and instant alerts, the solution enables 90% faster reconciliation. Also, businesses can experience 2X faster bill collection using Cashfree Payments’ guided onboarding and robust technical support.
Cashfree Payments works closely with all banks to build the core payments and banking infrastructure that powers the company’s products. The company is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments solutions are used in eight other countries, including the USA, Canada, and UAE.
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