Press Release

Cashfree Payments wins ‘Excellence in Payments’ at ASSOCHAM Awards for Fintech & Digital Payments

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.

About Cashfree Payments:

Cashfree Payments is a leading payments and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with a simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateway, a split payment solution for marketplaces, bank account verification API and Auto Collect — a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, is among the  leading  payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments’ products are used in eight other countries including USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.


ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. Having in its fold over 400 Chambers and Trade Associations, and serving over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy. More information available on

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