Gurugram, 31 August 2023: MobiKwik, a leading digital banking platform, today announced its partnership with Cashfree Payments, a leading payments and API banking company, to offer the convenience of interest-free credit for its users at their fingertips by integrating ‘ZIP Pay Later’ with Cashfree Payments’ Payment Gateway. It will enable users to use their ZIP credit limit of up to Rs 60,000 to pay at over 20,000 online merchants. The ZIP Pay Later option will be launched with 10% Supercash on a minimum transaction value of Rs 499.
Upasana Taku, Chairperson, Co-founder & COO of MobiKwik, said, “We believe in making transactions seamless and empowering consumers by offering them more choices to make informed financial decisions. We are glad to extend our partnership with Cashfree Payments, bringing together the convenience of our popular ZIP Pay Later option with a trusted and efficient payment gateway platform like Cashfree Payments to make the process more seamless.”
MobiKwik ZIP ensures a seamless payment experience with an impressive success rate of over 95%. The ZIP pay later option allows users to pay bills, shop for clothes, groceries, and electronics, order food, medicines, and much more with their credit limit. With ZIP, users can shop at over one lakh brands simply from the comfort of their homes using MobiKwik at the checkout and just pay later.
Reeju Datta, Co-Founder, Cashfree Payments said, “At Cashfree Payments, we are committed to empowering our merchants with seamless payment experiences that are both scalable and affordable. With this partnership, we aim to take this mission to the next level. Our goal is to enable customers to pay for their purchases in the most flexible and convenient manner possible, without any unnecessary hassles. We hope to drive greater financial inclusion across India and deliver even more value to end customers by working closely with MobiKwik.”
Merchants can also seamlessly integrate MobiKwik ZIP into their existing Cashfree Payments checkout, offering their customers a cutting-edge payment solution. With a success rate of over 95%, merchants can be assured of providing a smooth payment experience to their users. By offering credit options, merchants can also witness an upsurge in conversions, as customers embrace the flexibility of deferring payments.
MobiKwik ZIP is applicable on top brands across the country. The partnership between MobiKwik and Cashfree Payments is set to bring significant benefits to customers, merchants, and both companies involved.
About MobiKwik
MobiKwik is a digital banking platform that offers a comprehensive suite of financial products for both consumers and merchants. Our products range from payments to digital credit and investments, enabling our users to meet their financial needs seamlessly. Our mission is to empower millions of people with access to affordable and convenient financial services, regardless of location or income level.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik has grown to serve over 140 million registered users across India. With a merchant network of over 4 million, MobiKwik is one of the most trusted and widely used digital banking platforms in India.
We are currently in a new phase of innovation at MobiKwik, as we work towards our goal of building a world-class digital banking platform for Bharat.
About Cashfree:
Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API, and Auto Collect — a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 40 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,50,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.
For further information, please contact:
Mrinall Kanti Dey, VP & Head – Corporate Communications
Mrinall.dey@mobikwik.com | +91-9818449509
Sinoj Sadanandan | +91-9619375635
sinoj.sadanandan@cashfree.com
Mebin Mathew, Senior Manager – Current Global
Mmathew@currentglobal.com | +91-9899548502
