Cashfree Payments, India’s leading payments and API banking solutions company, today announced that it is the fastest growing verification platform, verifying over 40 crore individuals annually. The Verification Suite processed over 40 crore user identity verifications in FY 22-23, marking a remarkable 57% growth compared to FY 21-22. The company’s Verification Suite has witnessed a growth rate of 30% in the first quarter of FY 23-24
During this journey, it has partnered with industry-leading companies that seamlessly integrated the Verification Suite into their products. Notable names include leading financial service providers like Bajaj Finance, Cred, Indmoney, Acko, and leading e-commerce companies like Snapdeal, Rapido, and more. It offers real-time verification of identity and source of funds with a high success rate to businesses through a quick integration
Identity verification is essential for ensuring compliance, preventing fraud, streamlining operations, and enhancing the overall user experience. Verification Suite helps businesses verify the identity and source of funds of individual users and partner businesses like suppliers or service providers through the authentication of Aadhaar, PAN, GSTN, Bank Accounts and UPI handles among others. This enables businesses to automate their KYC (Know Your Customer) and KYB (Know Your Business) processes during user onboarding. It also reduces failures during payments and transfer reversals by ensuring payments are directed only to intended and verified beneficiaries.
It processes over 10 Lakh requests daily, cutting operational time by 85% and costs by 75%. Businesses can process over 10,000 verifications at once through excel upload or a simple API integration
Reeju Datta, Co-Founder, Cashfree Payments, said “Our advanced Verification Suite automates user and vendor KYC, leveraging real-time access to an updated database through powerful APIs, boosting operational efficiency for thousands of high growth businesses across various industries, especially ecommerce marketplaces, banking and payments. It ensures seamless and secure payment transfers, combating financial crimes and money laundering activities. With our Verification Suite, businesses achieve swift onboarding, reducing drop-offs with automated KYC and accelerating time to the first transaction. Additionally, the verification process fosters trust, enhancing the platform’s reputation and showcasing our commitment to user security and privacy. Our Verification Suite’s success is a testament to our commitment to deliver effective and scalable solutions, allowing merchants to grow rapidly.”
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its Payouts and is also among the leading online payment aggregators. India’s largest lender, SBI 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. Cashfree Payments 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.