Cashfree Payments, a leading payments and API banking solutions company, on Tuesday, February 28, said it has acquired one-click checkout company Zecpe. The latter will now operate as a wholly-owned subsdiary of Cashfree Payments, the company said in a statement.
Zecpe enables businesses in the e-commerce space improve their checkout conversion by making the process seamless and quick for customers.
This acquisition will enable Cashfree Payments to enhance its direct-to-consumer (D2C) D2ccheckout capabilities as well as give its merchants an elevated end-to-end checkout and payment experience, the statement said.
Zecpe helps the merchants increase conversion rates, thereby supporting incremental monetisation as well as scaling.
"This will provide a seamless flow to Cashfree Payments' existing merchant base. This acquisition will also enable Cashfree Payments to offer additional value-added services like return to origin reduction, fraud detection, and address pre-filling, among others," the statement added.
The CEO and Co-Founder of Cashfree Payments Akash Sinha said the acquisition will strengthen the firm's D2C one-click checkout capabilities and also elevate its leadership position in the SMB space. "We see immense synergies between our existing products and the solutions offered by Zecpe, making it an excellent addition to our D2C Payments Suite enabled for e-commerce businesses," he said.
Zecpe's Founder Hriday Agarwal will be the head of e-commerce, checkout at Cashfree Payments. The Zecpe employees will also join the firm along with him.
Agarwal said the D2C space is exploding in India and presents a fantastic opportunity to help e-commerce players increase their conversion rates and reduce COD fraud and returns. "Since we have one of the largest networks of prominent brands working with us, we know this space very well. Businesses across different industries use our solutions today. We see a natural fitment with Cashfree Payments' payments stack. We believe that integrating Zecpe's solution with the company's offerings will enable end-to-end checkout and payment solutions to clients," he said.
At present, Cashfree Payments powers over three lakh merchants to collect payments and make payouts via all available methods with simple integration, the statement said. For the highest success rates, the firm has direct integrations with card networks, banks and third-party players.
"Cashfree Payments has been a preferred payments platform for e-commerce and D2C companies such as Nykaa, FirstCry, Nature's Basket, BigBasket, Zomato, Noise, Bella Vita Organic, MyFitness among others," the statement said, adding that its solutions include, buy now pay later, payment gateway, cashgram, payment links, easy split, instant settlements and instant refunds, which are well suited for e-commerce and D2C businesses.
