Nov 4: Cashfree Payments reported flat revenue growth for the fiscal year ending March 2024. The company’s revenue from operations increased to Rs 642.7 crore, up from Rs 613.8 crore in the previous fiscal year. 

The Bengaluru-based payments firm faced a year long ban on new merchant onboarding for its payment gateway. 

Since the company said that most revenues are transaction-based fees, of which transaction-based fees are primarily made as percentages of payments and disbursements. 

Cashfree’s losses stood at Rs 135 crore as compared to Rs 133 crore in FY23. 

In a separate development, Cashfree also received the Reserve Bank of India’s prepaid payment instrument (PPI) license. 

Akash Sinha, CEO and co-founder, Cashfree Payments said, “The PPI licence opens up a new field of opportunity for innovation in the payments landscape. Our focus has always been to provide secure, flexible and efficient payment experiences to Indian businesses as well as their customers.. The PPI (Prepaid Payment Instrument) licence will help us build offerings that let internet businesses retain and grow their user base.”

In July this year, Cashfree Payments became the first payment service provider to receive RBI’s Payment Aggregator-Cross border license for imports and exports. And, in December 2023, Cashfree Payments secured the RBI Payment Aggregator licence, becoming one of the first few entities to receive it. 

Recently, The Head and Tale did a deep-dive into the country’s over-competitive payment aggregation space.