Wed. Jul 24th, 2024

Bengaluru, February 28, 2023: Cashfree Payments, India’s leading payments and API banking company, announced its strategic acquisition of Zecpe, a one-click checkout company. Zecpe enables e-commerce businesses to improve checkout conversion by making the process quick and seamless for customers. Zecpe will now operate as a wholly-owned subsidiary of Cashfree Payments.

With this acquisition, Cashfree Payments will further enhance its Direct-to-Consumer (D2C) checkout capabilities and give its merchants an elevated end-to-end checkout and payment experience. Zecpe helps merchants increase conversion rates, supporting incremental monetisation and scaling. This will provide a seamless flow to Cashfree Payments’ existing merchant base. This acquisition will also enable Cashfree Payments to offer additional value-added services like Return to Origin (RTO) reduction, fraud detection, and address pre-filling, among others. The solution provided by Zecpe is in line with Cashfree Payments’ product strategy which focuses on the benefits to end customers of their merchants.

Akash Sinha

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “It gives us immense pleasure to announce our strategic acquisition of Zecpe. We see immense synergies between our existing products and the solutions offered by Zecpe, making it an excellent addition to our D2C Payments Suite enabled for e-commerce businesses. We are certain that this acquisition will strengthen our D2C one-click checkout capabilities and further elevate our leadership position in the SMB space. At Cashfree Payments, we are focused on offering the widest range of payments solutions and thereby constantly evolving our product suite to cater to the changing needs of our merchants.”

Hriday Agarwal, Founder of Zecpe, will join the Cashfree Payments’ team as Head, E-commerce – Checkout. The employees of Zecpe will also join Cashfree Payments along with him, to help scale the product further.

Talking about the acquisition Hriday Agarwal said, “We are very excited to become part of one of the leading payments companies in India and will work together to grow our business further. D2C space is exploding in India and presents a fantastic opportunity to help e-commerce players increase their conversion rates and reduce COD fraud and returns. Since we have one of the largest networks of prominent brands working with us, we know this space very well. Businesses across different industries use our solutions today. We see a natural fitment with Cashfree Payments’ payments stack. We believe that integrating Zecpe’s solution with the company’s offerings will enable end-to-end checkout and payment solutions to clients. The products that we have developed will benefit from the scale that Cashfree Payments has built over the years.”

Cashfree Payments currently powers over 3,00,000 merchants to collect payments and make payouts via all available methods with simple integration. The company has direct integrations with banks, card networks and third-party players for the highest success rates. It strives for continuous innovation to anticipate merchant needs and develop industry-leading products. Cashfree Payments has been a preferred payments platform for e-Commerce and D2C companies such as Nykaa, FirstCry, Nature’s Basket, BigBasket, Zomato, Noise, Bella Vita Organic, MyFitness among others. The company provides solutions such as Payment Gateway, Buy Now Pay Later, Cashgram, Easy split, Payment links, Instant refunds, and Instant Settlements, which are well suited for e-commerce and D2C businesses.

Cashfree Payments had previously acquired Telr, a leading Payment Service Provider (PSP) in UAE and Saudi Arabia, as a part of its strategy to expand its footprint in the MENA region.

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with Cashfree Payments Payouts. India’s largest lender, SBI has invested in Cashfree Payments, underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE.

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