Cashfree Payments partners with PharmEasy to make payment settlements easier

• ByStartupStory     |    August 19, 2022

Cashfree Payments, a payments and API banking solutions provider, has teamed with PharmEasy, one of India’s largest digital healthcare platforms, to provide its retail partners with rapid and efficient payment settlements. The Payouts solution from Cashfree Payments will be used in this collaboration to automate transactions for the retail network. 

The payouts solution from Cashfree Payments enables merchants to rapidly pay vendors, manage consumer refunds, and distribute loans, among other things. The company claims a payout success rate of 99.98%. 

With this collaboration, PharmEasy will be able to automate this procedure and provide settlement to retail partners within 48 hours of consumer payments, with no manual intervention. Cashfree Payments has also assisted PharmEasy in tracking and processing bounced/failed payout transactions as a result of this collaboration.

PharmEasy, as a marketplace/intermediary, facilitates and enables (a) the sale of pharmaceutical and healthcare products and services across various categories through its third-party retail partners located throughout the country; and (b) payments for sale and purchase transactions conducted between consumers and retail partners. A customer can place an order on PharmEasy’s website or mobile app and pay online or by cash on delivery (cash on delivery). PharmEasy aggregates all payments to be made to store partners and disburses them on a daily basis when the customer makes the payment.

Reeju Datta, Co-Founder of Cashfree Payments said, “We are happy to work with PharmEasy and extend our payouts solution. Payouts enables PharmEasy to automate payment settlements to retailers as well as vendor payouts reconciliation, resulting in a better transaction experience for the company’s partners. We look forward to assisting the organisation in automating the entire payment process and contributing to its goal of making great healthcare accessible to the general public.”

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