Cashfree has Built Modern Mobile Payment App With Local Shoppers in Mind

News provided by

Feb 20, 2019, 10:47 ET

GHENT, Belgium, Feb. 20, 2019 /PRNewswire/ -- Cashfree is a mobile payment app that aims to simplifiy the lives of everyone in the local community, eliminating the burden of carrying cash, slow payments and the hassle of dealing with third party service providers and card terminals.

Cashfree's simple QR code payment solution is an example of a flexible, innovative company offering an alternative to the big players who dominate the market today. Cashfree reduces financial risk for merchants and consumers and removes the need for middlemen for a simple transaction. Merchants will be able to accept payments directly from the consumers' bank account, meaning the cost per transaction is significantly reduced. This will result in more pricing power for local stores that are too small to bargain for lower payment fees with the likes of Visa and Mastercard, maximizing the value kept within local communities.

Peter Op de Beeck, CEO and founder of Cashfree, boasts over 20 years of experience in Fintech, software development, and payments, with an M.Sc. in electronics and an MBA from Instead, as well as a degree from Harvard. Behind him are an experienced team of entrepreneurs who share in his vision to provide a brand new service that combines all the major features of current mobile payment app solutions and adds a whole new layer of convenience on top.

300 merchants and 4000+ shoppers are currently using the Cashfree service in Ghent and with over €2 million in funding secured, Cashfree is ready to expand and compete with larger service providers around the world. A license has been obtained from the National Bank of Belgium making Cashfree a European payment institute (in all SEPA-countries), so the first steps are underway. There are also notable partnerships in the pipeline with one of the top 3 legal firms in the world as well as Anti Money Laundering experts Microblink, already signed up.

What Makes Cashfree Different

a. Sign up in less than 2 minutes

The Cashfree registration and onboarding process is done entirely in the mobile app. In less than 2 minutes, a new user can make their first payment by simply scanning the QR code on the merchants app. What's more, they can manage all their accounts in the same place.

b. Instant Payment, No Recurring Fees and No Middlemen

All payments are sent directly from the user's bank account or crypto wallets to the merchant's bank account. Merchants benefit from fees up to 10 times lower than standard card payments, leaving more value in the local community.

c. Shop Locally

Cashfree allows users to pay securely and instantly when shopping at local small businesses. Cashfree payments can be done in any retail setting, in e-commerce stores, or among friends. All payments are sent directly from account to account.

d. Crypto Integration

As a mobile payment challenger, Cashfree integrates crypto payments for local shoppers, with the merchant receiving the payment in local currency.

About Cashfree

Cashfree have created a bank-independent mobile payment app that allows users to pay securely and instantly when shopping at local small businesses. All payments are sent directly from the user's bank account or crypto wallets to the merchant's bank account, with the consumer simply scanning a QR code to complete the transaction. With the need for costly middlemen removed, merchants benefit from fees that are up to 10 times lower than for card payments - leaving more value in the local community. Cashfree maintains all the features of other modern banking apps, adding a whole new layer of convenience on top.

Website: https://cashfree.be/en

SOURCE Cashfree