Cashfree Payments, India's leading payments and API banking solutions company, today announced that it has won the 'Excellence in Payments (processor)' award  at the ASSOCHAM Awards 2021 for Fintech and Digital Payments.

Assocham Awards 2021: FinTech & Digital Payments honours brands disrupting the industry. A strong point of Cashfree Payments' appeal was the clarity with which it identified several digital payment problems and offered solutions that presented applicability for multiple industries. Cashfree Payments competed with 69 other companies, including startups and incumbents, to win this award.

The selection criteria included five parameters - the scope of impact, customer acquisition, growth rate, the market potential of its services, innovation, solution differentiation, and ecosystem enhancement. Based on this, ASSOCHAM and PwC scored and selected the three best applications for each award category. The jury chair, R. Chandrashekhar, Former Secretary to Government of India then selected the winners.

Cashfree Payments' CEO and Co-founder, Akash Sinha said, "We are truly humbled to have won 'Excellence in Payments (processor)' award  by ASSOCHAM. This award is a tribute to Cashfree Payments' efforts in promoting the country's payments ecosystem, by striving to provide seamless payments experiences. We are known for the technology and the team that we have built, and our performance shows our partners' trust in us. We are eager to continue developing important solutions for businesses in this rapidly changing business environment in order to better prepare us for the future."

The event saw the presence of some key personalities such as Dr Bhagwat Kishanrao Karad, Hon'ble Minister of State, Ministry of Finance, Government of India, while PwC India facilitated the awards as the knowledge partner.

Cashfree Payments is among the leading payment service providers in India and processes transactions worth USD 20 billion annually. With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with Cashfree Payments' Payouts. In June 2021, India's largest lender, SBI, invested in Cashfree Payments, underscoring the company's role in building a robust payments ecosystem. The company works closely with all leading banks to build the core payments and banking infrastructure that powers the company's products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Currently, Cashfree Payments' products are used in India and eight other foreign countries like the USA, Canada, and the UAE, and by businesses like Logisy, Aramex, Zomato, Cred, Nykaa, Delhivery, among others.