Indian fintech firm MobiKwik today said it has partnered with Cashfree Payments, a payments and API banking startup, to offer interest-free credit for its users at their fingertips by integrating ‘ZIP Pay Later’ with Cashfree Payments’ Payment Gateway.
MobiKwik said the partnership 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, the company said in a release.
“We believe in making transactions seamless and empowering consumers by offering them more choices to make informed financial decisions," said Upasana Taku, Chairperson, Co-founder & COO of MobiKwik.
The fintech firm said that the ZIP pay later option allows users to pay bills, shop for clothes, groceries, and electronics, order food, medicines and more.
The company further said that merchants can integrate MobiKwik ZIP into their existing Cashfree Payments checkout. The solution will also help merchants in increasing conversions.
Reeju Datta, Co-Founder of 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," Reeju added.
The development comes a week after Cashfree Payments launched ‘Vendor Payments’, a platform that is aimed to empower businesses to streamline and manage their purchase-to-pay cycle.