Indian payments and banking solutions provider Cashfree Payments has purchased Zecpe, an one-click checkout company, for an undisclosed sum.

Zecpe allows e-commerce entities to enhance their checkout conversion rates as well as help in increasing monetisation and scaling.

As part of the new deal, Zecpe will function as a wholly-owned subsidiary of Cashfree Payments.

Zecpe founder Hriday Agarwal will also join as the head of e-commerce checkout at Cashfree Payments. The firm’s existing workforce will become part of the SBI-backed payment firm.

The acquisition is expected to help Cashfree Payments enhance its direct-to-consumer (D2C) checkout offerings and enable merchants to undertake improved checkout and transactions.

It will also allow the firm to provide various new services, including return to origin (RTO) reduction, fraud detection as well as address pre-filling and others.

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Cashfree Payments CEO and co-founder Akash Sinha said: “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.

“We are certain that this acquisition will strengthen our D2C one-click checkout capabilities and further elevate our leadership position in the SMB space.

“At Cashfree Payments, we are focused on offering the widest range of payments solutions and thereby constantly evolving our product suite to cater to the changing needs of our merchants.”

In December last year, Cashfree Payments launched a range of buy-now-pay-later (BNPL) solutions for online enterprises in India.

Agarwal said: “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.”