Cashfree’s year in Review: What we built for you in 2023

2023 was a year like no other for the innovators at Cashfree Payments. While the year ended at a high note with the PA license, the last 12 months saw several products that propelled us into new segments, while we also continued to double down on shipping transformative features for our core products. 

Here are the top 23 features and products from us in 2023:

Payment Gateway:

1. Launched CVV free payments leveraging Cashfree’s Token Vault to improve card payment success rates. We also revamped our Token Vault to make it interoperable with multiple Token Service Providers
2. Launched our suite for Flash UPI which allows any merchant app to be converted to a UPI Payer app
3. Launched a new plugin for Shopify to offer redirection-less payments to improve conversions for D2C merchants
4. Redesigned the merchant dashboard navigation for all products to make the dashboard experience intuitive; rolled out DevStudio with revamped backend SDKs, API metrics, error logging in the dashboard to make integrations easier for developers
5. Built automated refunds and case creation for disputes, ensuring TAT for both improved significantly
6. Launched Embedded Payments for tech-first platforms – shipped out merchant onboarding APIs and Webhooks for platforms, and baked in the option of a pre-built checkout or an SDK/API for platforms that build their own checkout

Recurring & Bill Payments:

1. The first in the industry to launch UPI AutoPay on QR with NPCI to facilitate recurring payments set-up via QR scan
2. Rolled out industry-first’s non-revocable flag on UPI Autopay, so customers can’t cancel mandates for use cases such as lending
3. Launched BBPS-Biller for merchants and built a no-code flow that is the fastest way to get onboarded to BBPS in the industry

Ecom360 & CODFIRM: 

1. Enabled partial payment collection for COD orders on Ecom360 Checkout for Shopify merchants – giving a seamless omnichannel payment offering for D2C merchants.
2. Shipped out a much requested feature on CODFIRM for disabling Cash on Delivery for risky customers and for specific products.

Payment Management Solution:

1. As the world moves towards multi PG, we launched flowWise – a Payment Management Solution to help merchants manage multiple payment modes and gateways, recon, analytics and more from a single platform
2. Launched flowWise Native, Cashfree’s on-prem payment orchestrator to help merchants host payments in-house and reduce payment spend by up to 10X

Payouts:

1. We churned out new compliant features for disbursals in digital lending, co-lending and P2P lending, powering a whopping 20% of all NBFC loan disbursals through our tech
2. Enabled self-serve onboarding for  merchants to connect multiple bank accounts to Cashfree payouts with zero manual intervention – and we enabled dynamic routing between these account so low balance in account is never a worry
3. Created a Central Insights Hub to provide SR efficiency, Payout Turn-around Time and filtered at fund source, payment mode level to give granular insights on merchant’s payout data
4. Built a new feature to enable bill payments using mobile number and the last 4 digits of the card – which is an exponential leap over current methods where the user needs to provide the entire card details on merchant’s app for making payments
5. Built virtual Ledger APIs on top of bank account that enables merchants to dynamically create Virtual Accounts through APIs for tracking and reconciliation of incoming, outgoing and balance transactions

RiskShield:

1. Built a risk suite for our PG and payout merchants that highlights transactions that are anomalous including transaction frequency, velocity, ticket size, among others

Verification:

1. Shipped out a feature that provides user’s primary UPI handle from their phone number – fueling a major improvement in user onboarding, verification and cashback flows
2. Built Reverse Penny Drop that allows merchants to verify bank accounts without the need to get bank details added or dropping a penny, saving 50% cost and reducing drop-offs by 30%! 
3. Launched Self Serve for our Verification suite to help merchants get onboarded and start transacting in less than 5 minutes
4. Rolled out Aadhar OTP for onboarding all our incoming merchants to make their KYC process reliable, scalable and highly compliant

2023 has been a busy and a thrilling year for all of us at Cashfree Payments. And, we’ve always had the customer at the center of all that we build. 

As we enter 2024 as a licensed entity, we will continue to build products that are innovative, customer-centric, scale-friendly and compliant.