Cashfree Payments launches softPOS for businesses; provides ability to turn Android phones into POS machines

BENGALURU, India, March 14, 2022 /PRNewswire/ — Cashfree Payments, India’s leading payments and API banking solutions company, today announced the launch of ‘softPOS’. softPOS is a Point of Sale (POS) solution for businesses like grocery stores, retail shops, food delivery apps, automobile industry, NBFCs etc. doing door-to-door collections. softPOS is available as an Android app, and businesses can use the app to generate UPI QR codes, create payment links, and enable card payments via NFC-based Tap and Pay, and also record and manage cash collections.

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Cashfree Payments also offers payment methods such as wallets, EMI and other Buy Now Pay Later options through the softPOS.

The solution is available on Google Play Store and can convert an Android phone into a POS machine. To use the app, businesses can sign up on Cashfree Payments and add their delivery agents, collection agents or other employees as app users.

Agents can then download the app on their mobile phone and start accepting payments through an OTP-based login. Businesses can view the collections from each agent independently and receive the payments directly in their business accounts. The digital nature of the solution removes the dependency on the physical POS machines and also enables visibility and control over their collections.

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “softPOS is our effort to revolutionize the way businesses manage their payments. We believe that this product launch will help merchants to scale and analyze their POS operations, in turn generating greater value for their customers. Merchants today need effective yet economical POS tools to create a better sales environment for end-users. At Cashfree Payments, we are focused on solving problems with our innovative approach and high tech infrastructure. We are developing new age products by constantly studying and recognising industry bottlenecks, and firmly  believe that together we are going to make digital payments collections simple, flexible and reliable.”

Here’s the process to avail the softPOS offering:

  1. Businesses can sign up on https://www.cashfree.com/ and complete paperless KYC. Once completed, softPOS will be enabled for the said merchant and the merchant can start adding agents to collect payments on his behalf. All collections will be reflected collectively on the merchant dashboard.
  2. To start using the app: Merchants/agents will require an Android device on which the softPos app can be downloaded.

Note: To accept payments through tap and pay, phones should have Android level 28 (Pie) i.e. models after 2018 or above. For payments through the rest, Android level 23 is required.

Cashfree Payments will continue to add more value-added services to the platform. Businesses from across the country dealing in grocery stores, retail shops, food delivery apps, automobile industry, NBFCs doing door-to-door collections, among others, can visit https://www.cashfree.com/soft-pos/?utm_source=PR&utm_medium=announcement&utm_campaign=softpos-launch to avail services as per their requirement.

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments further underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the 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 USA, Canada and UAE.

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.

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