Bangalore based payments technology company, Cashfree has partnered with Ola Money to launch Pay Later facility for the consumers of its online merchants. The service allows consumers to defer payments for online shopping through a short term micro loan. The service, popularly known as Buy Now, Pay Later, is faster than regular banking transactions with zero friction.
Using Pay Later service consumers can get 15 days credit for amount ranging from Rs.1500 to Rs.20,000, depending on their credit profile. The service is especially useful for consumers who do not have a credit card or do not have their online banking credentials.
Nitin Gupta, CEO of Ola Money, Said “We are excited to take Ola Money Postpaid to a whole new set of online merchants through Cashfree. We have been running Ola Money Postpaid for some time on Ola Cabs app and the response has been phenomenal. Cashfree has given us the distribution we needed for getting to a versatile set of merchants.”
Akash Sinha, Co-Founder and CEO of Cashfree, said “We are excited to enable Pay later as a payment mode for our 5000 merchants. We believe this will not only add convenience to consumers to pay faster but also open a whole new set of consumers for our merchants. At Cashfree we are aiming to launch many such innovative products for our merchant partners that add to their top line.”
Cashfree currently does about 2 Million transactions every month. The gross transaction value has grown at 30% month on month for the last 12 months and is expected to touch Rs.2500 Cr per month by end of this fiscal.
Cashfree was founded in 2015 by IIIT Hyderabad graduate Akash Sinha and IIT Kharagpur graduate Reeju Datta. Cashfree is backed by payments pioneer, Paypal and the popular silicon valley accelerator, Y Combinator. There are currently 5000 online and offline businesses that use Cashfree’s platform to collect payments from customers or send money to users and vendors. It counts gaming site Rummycircle, Google backed Dunzo, donation platforms like Ketto and Milaap amongst its popular customers.
About Ola Money
Ola Money is the financial services company floated by Ola, the leading urban commute app. Ola Money Postpaid offers mobile wallet and short term credit service for consumers.