Cashfree, a payments and banking technology company based in India, has partnered with TradeIndia, the country’s largest B2B marketplace, a press release says, and the two companies will aim to offer online payments through cards, UPI and internet banking.
The digital solutions will come as part of the TradeKhata offering.
The release says that the company lays claim to over 5.5 million registered small to medium-sized enterprises (SMEs) and offers buyers and sellers on both the local and global scales a reliable place to identify and engage with business owners. And, Cashfree will let TradeIndia verify SME accounts signing up for the TradeKhata program.
Despite the pandemic’s setbacks, the release notes that TradeIndia has managed to rack up Rs 1800 Cr in transactional invoice value.
Meanwhile, Cashfree has introduced solutions this year like instant settlements, allowing users to access funds within just 15 minutes of payment capture.
Reeju Datta, co-founder of Cashfree, said the move toward a digital economy makes it “imperative for small and medium enterprises to embrace digital payments at scale in order to grow their businesses,” according to the release.
Sandip Chhettri, COO at TradeIndia, said the company was looking for a partner to boost operations.
“We are delighted to partner with Cashfree to enable our merchants with digital payments on the TradeKhata platform,” Chhettri said, according to the release. “As the economy goes digital, TradeIndia is looking to enable 5.5 million SMEs on our platform with online payments by partnering with Cashfree. With this partnership, we are enabling our merchant partners to streamline business operations by automating invoicing, payment collections, bulk payouts & customer data management.”
Cashfree also recently targeted India for a new suite of payments products to help the country’s lending and non-banking financial companies. The aim of the partnership is to facilitate automated loan disbursals for 1,000 new businesses by next year, PYMNTS reports.