Cashfree launches Cashgram to make e-commerce refunds fast and simple

by September 13, 2018 0 comments

Cashfree Introduces Cashgram, a smart payout system for one time payments, like Cash on Delivery refunds in e-commerce. Cashgram is an extension of Cashfree’s Payout system that enables businesses to send money to their user and vendors. 

Using Cashgram, companies can send a web link to their users requesting bank account information. On receiving the information, a one-click refund can be processed instantly. Currently, e-commerce companies do this manually over multiple emails between customer, finance team and customer support team, very often leading to errors and delays. Cashgram also gives the users the option of sharing their UPI IDs or PayTM, instead of their bank account.

Akash Sinha, Co-Founder and CEO of Cashfree, “Cashgram is a powerful product for businesses that need to pay their users — for refunds or otherwise. It not only saves the operational overhead of processing payments but the customer’s trust in the e-commerce company also increases when they get their refunds instantly. This results in a higher repetition rate.”

He further added,” We saw this phenomenon with our Payouts product that is being used to pay vendors and affiliates, pay salaries, distribute winnings in gaming, disburse loans, reimburse expenses and of course, process refunds. That is when we thought of introducing this special product for e-commerce companies. ”

The product is life with popular e-commerce companies like Nykaa, Rentomojo, and Club Factory as initial customers. The payouts product is already doing about 50,000 transactions every day.

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