Cashfree.com, India’s leading digital payments platform, has launched UPI Stack for Businesses, allowing businesses to collect and disburse UPI payments with minimal integration effort. Available through every UPI app (i.e., all payment flows & integrations – intent, SDK, SDK less, etc.) across both web and mobile (Android & iOS) platforms, with Cashfree’s UPI Stack for Businesses, developers can also implement a desired payment flow for preferred platforms and collect payments via all UPI based apps smoothly. Cashfree’s move is in line with the new provision in the Income Tax Rules that mandates businesses with a turnover of over Rs.50 crore to provide facilities to accept payments through prescribed electronic modes, including UPI.
Commenting on this announcement, Akash Sinha, Co-Founder and CEO of Cashfree said, “As UPI continues to witness tremendous growth in India, we want to offer businesses a simple way to use the UPI infrastructure for the widest range of business payment applications. With this launch, we are enabling businesses to implement 15+ UPI integrations for all their payment needs within a day’s work. We see this as a step to help product creators and businesses adopt UPI and make the most of the infrastructure for crucial business needs, such as payment collections, refund processing, vendor onboarding and more. After processing 50 million payments through mobile platforms in 2019, we expect to close up to 1 billion transactions with the launch of the stack this year.”
Availability of all SDKs and APIs in a single stack allows developers to implement UPI as a payment mode faster. At present, UPI app platforms offer a range of integration options, each with a different payment flow and compatibility with devices-web or mobile. Some of the common integrations include: Android Intent SDK, seamless payment flow, SDK less intent, Google Pay Omni-channel flow, QR codes etc.
With Cashfree’s UPI Stack for Businesses, developers can implement the desired payment flow for preferred platforms with minimal integration effort. and collect as well as disburse payments via all UPI based apps. Product builders, especially mobile developers will experience flawless implementation of UPI payments while accepting in-app payments with Cashfree’s UPI stack.
Built by Cashfree with a vision to help businesses use UPI infrastructure for a wide range of payment needs, applications of Cashfree’s UPI Stack for Businesses include:
● UPI payment gateway accepting payments for website or mobile app
● UPI payment link that can be shared over SMS, email, WhatsApp that accepts payments through the user’s preferred UPI app. Ideal for small businesses without a website.
● UPI QR Codes which can be either used for offline or agent-based collections, as well as Dynamic UPI QR Codes which can be displayed on a website during checkout.
● Virtual UPI addresses for reconciliation of inbound UPI payments
● UPI VPA verification API
● UPI payouts and refunds directly to the source UPI ID
Cashfree’s UPI Stack for Businesses will be available for all existing as well as new Cashfree users.
In 2019, Cashfree had pioneered Instant Refunds in India and introduced Same-day Settlements for businesses. Recently, Cashfree launched Instant Settlements to empower businesses and foster digital transactions in the country. As part of the company’s product development plans, Cashfree is also set to add UPI mandate for recurring payments to its UPI Stack for Businesses.
