Indian payments firm Cashfree Payments has formed a partnership with Zepto to help customers of the fast-delivery grocery service get their products quicker.
The partnership lets Zepto customers choose any mode of payment — Unified Payments Interface (UPI), debit card, credit card and net banking — supported by Cashfree Payments, according to a Monday (Nov. 7) press release..
Zepto uses the UPI intent flow provided by Cashfree Payments’ Payment Gateway, an integration type that automatically displays all the UPI apps, such as PhonePe, Paytm, Google Pay, etc., already installed on the customer’s mobile app.
“Customers can choose the UPI app of their preference, the amount gets auto filled and customers can make the payment by entering the UPI PIN and completing the payment,” the release stated. “The UPI intent flow greatly enhances the speed of UPI transactions as well as the success rates and is the most secure and reliable way of offering UPI payments for businesses.”
As PYMNTS noted earlier this year, Zepto is part of a busy sector in India where companies have been wooing customers with faster deliveries, in this case, just 10 minutes. In May, the company raised $200 million in a funding round at a valuation of $900 million.
The partnership comes amid an inflection point for digital payments in India, as Cashfree Payments CEO and Co-founder Akash Sinha wrote in “What’s Your Plan? Payments Strategies for a Strong 2022 Finish,” a PYMNTS eBook.
“As we enter the last quarter of this year, we are seeing an increasing number of businesses trying to go digital to acquire more customers,” he said. “This is great news for payment companies like us. We have grown almost 100% in terms of merchant sign-ups in the last four months. We see tremendous scope in the Indian trading operation where traders are buying stocks, listed outside India.”
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