To enable rapid and efficient payment settlements for its retail clients, Cashfree Payments, a provider of payments and API banking solutions, has partnered with PharmEasy, one of India’s top digital healthcare platforms. Through this collaboration, transactions for the retail network will be automated using Cashfree Payments’ Payouts technology.
With the help of Cashfree Payments’ payouts solution, businesses can promptly pay suppliers, handle customer refunds, and disperse loans, among other things. According to the company, payouts are successful 99.98% of the time.
In its capacity as a marketplace and intermediary, PharmEasy enables and facilitates (a) the sale of pharmaceutical and healthcare products and services across a variety of categories through its third-party retail partners, who are dispersed throughout the country, and (b) the payments for the sale and purchase transactions that are conducted between consumers and retail partners. On the website or mobile app of PharmEasy, a consumer can place an order and choose to pay online or choose COD (cash on delivery). Following the customer’s payment, PharmEasy collects and distributes daily any payments that must be made to the retail partners.
With the help of this collaboration, PharmEasy will be able to fully automate this procedure and provide settlement to retail partners within 48 hours of customer payments.
Cashfree Payments has assisted PharmEasy in tracking, and processing bounced/failed payouts transactions as a result of their partnership.
Reeju Datta, Co-Founder, Cashfree Payments, said, “We are delighted to partner with PharmEasy and extend our payouts solution. Payouts helps PharmEasy to automate their payment settlements to the retailers and vendor payouts reconciliation, thus creating a superior transaction experience for the company’s partners. We look forward to helping the company automate the entire payments process and contributing to its bid to make quality healthcare accessible to the masses.”
With over 50% market share among payment processors, Cashfree Payments leads the way in bulk disbursals in India with its product payouts. Recently, the State Bank of India invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with leading banks to build core payments and banking infrastructure that powers the company’s products and 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 US, Canada and the UAE.