Payment and application programming interface (API) banking solutions company Cashfree Payments is supplying its point-of-sale (POS) solution to go-to-market platform for brands DASH, enabling DASH to manage payments from 2,000 merchants in India’s semi-urban Tier-3 areas.
The POS solution called softPOS converts Android phones into POS machines that businesses can use to generate Unified Payments Interface (UPI) QR codes, create payment links, enable card payments, and record and manage cash collections — giving them a low-cost alternative to physical POS machines — according to a Sept. 8 press release.
“softPOS has positively impacted DASH’s payments collections process, especially in Tier-3 areas where cash still constitutes a significant portion of the payments made,” Cashfree Payments Co-Founder Reeju Datta said in the release. “We’re proud to play a key role in DASH’s vision to make the semi-urban market more accessible for brands.”
Because it enables users to handle customer payments on their mobile phone, softPOS solution is commonly used by delivery partners, sales agents and field service professionals, according to the press release.
DASH’s platform connects fast-moving consumers goods (FMCG) and food commodities brands with demand aggregators and fulfillment partners who can now collect payments using softPOS, per the release.
“We have a unique operating model where we leverage the entrepreneurial spirit of locals and technology to overcome deep-rooted challenges of [sales and supply] for brands,” DASH Founder Ajay Nain said in the release, adding that the company’s growth requires it to scale its payment collection.
Super FinTechs enabling eCommerce with financial products is embedded finance in action, and this scenario has major applications in the gig economy, Cashfree Payments Co-Founder and CEO Akash Sinha told PYMNTS’ Karen Webster in an interview posted in May.
Read more: How ‘Super FinTechs’ Enable Go Anywhere Banking Services
“If I’m a worker on your platform and I don’t have good banking support, good payment support, I’d want you to provide me that service,” Sinha said. “Whatever stakeholders internet companies are working with today, they’ll have incentive to bring them inside their personalized payments and banking products so that they can improve their stickiness.”