The new BNPL tools are designed to help online businesses to provide their customers with more than 30 financing choices during checkout. Credit: Tumisu from Pixabay.

Indian payments and banking solutions provider Cashfree Payments has introduced a range of buy-now-pay-later (BNPL) tools for online enterprises across the country.

The new products are designed to help online businesses to provide their customers with more than 30 financing choices while checkout.

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Using the tools, online businesses can offer an improved and instant credit access to their customers as well as grow their sales.

Cashfree’s financing options cover several brands, including ZestMoney, Homecredit and KreditBee for cardless EMI.

They also include the brands of Simpl, LazyPay and Freecharge for pay later mode of transactions in addition to over 16 banks for card-driven EMIs.

Currently, over 20,000 online businesses are claimed to use Cashfree Payments’ BNPL tools.

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Cashfree Payments CEO and co-founder Akash Sinha said: “India’s buy now pay later market is growing rapidly with more and more customers looking for flexible payment options when they shop online.

“At Cashfree Payments, we want to empower our merchants with the most comprehensive BNPL suite and help them unlock significant value from this shift in consumer preference.

“We’ve seen upto 30% increase in conversion rate and 40% higher average order value among businesses who offer BNPL modes on their checkout.”

Online businesses that use Cashfree’s payment gateway can accept payments in BNPL modes on their website or app checkout page without making any changes to their current setup, stated the firm.

They can also configure no cost EMI options on selected banks and payment partners from the Cashfree Payments’ dashboard for new clients.

Last week, Cashfree revealed that it formed a partnership with eLite Unified Payment Platform (eUPP) to facilitate instant fee payments at educational centres.