BENGALURU: Payment aggregator (PA) as a service is very essential for the entire internet economy and payments are going to play a very major role, said Cashfree Payments CEO and co-founder Akash Sinha. The Bengaluru-based payments company in December last year received the final authorisation from the Reserve Bank of India to operate as a PA. Since then, it has been onboarding new merchants on its payment gateway.
It activated more than 10,000-15,000 accounts that were pending and its transaction volume has grown over 30%. Also, it is anticipating to see 150% growth in the volume that it will process. PAs are third-party service providers and they allow merchants to accept payments from customers by integrating them into their websites or apps.
“If you look at the overall growth in the market, it’s more than 40-50% and also it means a lot of new kinds of customers are coming up. This means a lot of new behavior and this might push the RBI to keep coming up with new ideas, new policies so that the overall ecosystem grows in a positive way because we also don’t want a lot of insecurity in the system,” the co-founder said.
It recently released products such as FlowWise, which allows payment actions to occur directly on the merchant’s infrastructure. Cashfree Payments aims to make its international foray and plans to go full-fledged this year. It targets 10-12 countries and will go global in the next three to four years.
“We don’t want to be just one other player; we want to dominate in those markets where we go. And if we cannot, we will go and try some other market, but that’s the idea to be the leader in this market,” he adds.
Cashfree Payments, backed by Silicon Valley investor Y Combinator, Apis Partners and SBI, enables more than 6,00,000 businesses with payment collections, vendor payouts and wage payouts, among others.