Meesho, India’s fastest growing internet commerce company, today announced its partnership with Cashfree Payments, India’s leading payments and API banking solutions company, to enable instant refunds for all Cash on Delivery (COD) orders placed via Meesho’s platform. This integration of Cashfree Payments is set to enhance the shopping experience of all Meesho users while also minimizing the need for manual intervention in certain orders.
Traditionally, in India, COD has been the preferred mode of payment especially for users from tier-II+ markets. Reducing the overall turnaround time taken to process refund payouts will enhance customer experience and also increase their trust towards online transactions. Through this partnership, Meesho aims to successfully process each refund payout in under 2 hours and eliminate drops in the payout funnel caused by technical failures or bank downtime. This entire refund process is automated by Cashfree Payments’ bulk disbursal offering ‘Payouts’. Further, the integration with Cashfree Payments will automate supplier payouts and also enable payout via UPI.
Commenting on the partnership, Kirti Varun Avasarala, Chief Product Officer, Meesho said, “In India, Cash on Delivery (COD) continues to be a preferred payment mode. We’ve noticed that any unexpected delay or hassle caused in processing refunds can cause inconvenience and lead to trust deficit. Meesho’s aims to become the preferred shopping destination for the next billion Indian consumers and our partnership with Cashfree Payments will address a very important aspect in the users’ journey and help us move closer to this goal.”
Reeju Datta, Co-Founder, Cashfree Payments said, “We are glad to collaborate with Meesho in solving the problem of slow refunds, especially in case of COD orders. Our bulk disbursal product, ‘Payouts’ will help Meesho delight its customers with faster refunds by crediting the refund amount to the customer's bank account in under 2 hours by automating the process. Queries around delayed refunds are a major source of customer tickets for e-commerce businesses, and we look forward to help Meesho reduce such queries to nil.”
According to a recent report by data.ai (formerly App Annie), Meesho was the most downloaded e-commerce app in the world last year. Over the course of 2022, the company will continue to fuel the discoverability of hyperlocal businesses and products, make e-commerce accessible to value conscious customers and innovate to become the preferred e-commerce destination for the next billion users in the country. Meesho also aims to reach 100 million monthly transacting users by December 2022 and increase its roster to over 50 million products.
Meesho is India’s fastest growing internet commerce platform. With a vision to enable 100 million small businesses, including individual entrepreneurs, to succeed online, Meesho is democratizing internet commerce and bringing a range of products and new customers online. The Meesho marketplace provides small businesses, which includes SMBs, MSMEs and individual entrepreneurs, access to millions of customers, selection from over 700+ categories, pan-India logistics, payment services and customer support capabilities to efficiently run their businesses on the Meesho ecosystem.
About Cashfree Payments
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 20 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 1,00,000 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.