Zoomcar Refunds Security Deposits Instantly With Cashgram

About Zoomcar

Zoomcar, India’s first personal mobility platform, introduced car-sharing services in 2013. Today it is the market leader in the self-drive space with over 10,000 cars in its fleet. Zoomcar has enabled driving convenience for travellers around the country. It allows users to rent cars by the hour, day, week, or month and operates in 45+ cities in India. In 2018, Zoomcar introduced India’s first peer2peer based marketplace for cars with the launch of its shared subscription mobility model and currently commands over 90% market share in this space.

 

Feature in focus:

Security deposit refunds

 

Challenge

Deposit refunds can take time

Zoomcar takes a small, fully refundable security deposit of Rs. 5,000 for every booking. Once the ride is completed, the deposit amount needs to be refunded to the user. Traditionally, it takes considerable to process refunds for customers. Zoomcar wanted a faster way to refund their customers’ deposits and give them an enhanced experience. 

Solution 

Instant refunds, happy customers

Zoomcar automated the whole refund process, making it easier for them to manage refunds. They integrated Cashgram by Cashfree Payments to provide instant refunds to their customers. ​​As soon as the ride ends and the customer drops the car at the designated location, the host updates the system after checking the car. A request to refund the deposit is raised in the system and a link is generated automatically in the system with the customer’s phone number or email id and the respective refund amount and shared with the customer via email/SMS/Whatsapp. The customer fills in his/her account details/UPI ID/Amazon Pay/Paytm details. The amount gets credited to the customer’s preferred account instantly. Cashfree Payments ensures that customer receives money in time and their account details are safe and secure.

 

Why Cashgram? 

Cashgram by Cashfree Payments is a payouts link, that helps businesses send money to their beneficiaries when their bank account details are not known. It gives businesses a way to simplify their refund payments and easily send money to their customers when they have only their email address/phone number. Businesses can also customize their Cashgram links to reflect thier brand and provide their customers with an enhanced experience!

 

 

Companies like PUMA, Tata Cliq, Nykaa, Furlenco, Lenskart, etc use Cashgram for simplifying their transactions and instantly sending money to customers, vendors, or partners. 

 

Challenge

Need a faster way to disburse earnings to car owners 

Zoomcar has a unique community vehicle pooling program for Car owners to let them share their cars when it’s not in use on the Zoomcar platform to earn money and rewards. Zoomcar shares the vehicle revenue with the hosts on a weekly basis. They needed a solution to disburse the vehicle earnings to the respective hosts in a quick and seamless manner.

Solution

Hasslefree Payouts to hosts

Zoomcar partnered with Cashfree Payments to easily disburse vehicle earnings to the host. They credit the amount to the respective host’s account through Payouts. Payouts allow merchants to instantly add beneficiaries and make payouts. This helps Zoomcar for paying hosts who have been newly added to the platform, instantly and seamlessly. Zoomcar makes a payout to the host, within 10 hours of the booking.

Why Payouts by Cashfree Payments? 

Payouts by Cashfree Payments is an API banking platform that helps businesses send money to their vendors, customer or users instantly even on a bank holiday. You can also get creative and solve your business payout challenges with our powerful Payouts APIs.

Ready to get started?

Create an account, choose your desired product(s) for your business use case, and start transacting. Empower your payments with Cashfree Payments today!