Summary:
- Milestone Achievement: Cashfree’s Secure ID solution surpasses 100 crore verifications, preventing fraud worth ₹50 crore.
- Advanced Fraud Prevention: The AI-powered solution integrates with existing workflows to enhance identity verification, risk assessment, and fraud detection.
- Significant Revenue Growth: Cashfree’s revenue from operations grew to ₹614 crore in FY23, supported by new merchant onboarding and expanding payment services.
Cashfree, a State Bank of India-backed online payments processor and aggregator, has announced that its identity verification and fraud prevention solution, Secure ID, has crossed over 100 crore verifications and prevented fraud worth ₹50 crore for businesses. Secure ID, an end-to-end solution, combines identity verification, risk assessment, and fraud detection to protect businesses against fraudulent activities.
Secure ID leverages artificial intelligence (AI) and large language models (LLMs) to integrate seamlessly with existing business workflows, enhancing the user experience for onboarding, data verification, and fraud detection. The solution enhances fraud prevention by identifying suspicious activities, anomalies, and patterns indicative of fraudulent behavior. It also provides data-driven risk scoring to support informed decision-making and continuously monitors potential risks throughout the user’s journey.
Notable clients of Secure ID include Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited. This client portfolio has established Cashfree as a trusted partner in safeguarding digital transactions for various businesses.
Cashfree offers a broad range of payment services, such as payment collection, auto-collect, recurring payments, and verification services for banks. The company recently secured the final license for payment aggregation from the Reserve Bank of India (RBI) and received approval to onboard new merchants. Currently, 8,000 merchants have completed their KYC formalities and are set to go live on the platform, which is expected to contribute significantly to the company’s revenue growth in the current fiscal year.
According to The Kredible, a data intelligence platform, Cashfree’s revenue from operations surged to ₹614 crore for the fiscal year ending March 2023, up from ₹350 crore in FY22, reflecting strong financial growth.