February 22, 2019
ZestMoney, India’s largest and fastest growing consumer lending technology company today announced its partnership with Razorpay, Billdesk and Cashfree, the leading payment gateways of the country. This partnership with payment gateways allows more than 2 lakh merchants across sectors like e-commerce, retail, education, hospitality and more to enable EMI option for their customers. Merchants who have enabled this option have seen an increase in their overall conversions. ZestMoney is the only cardless EMI option accepted on almost every payment gateway in the country. The company recently raised Series A round from Xiaomi, PayU, Ribbit Capital and Omidyar Network and continues to partner with leading merchants across online and offline spectrum.
By integrating ZestMoney tech platform, merchants can allow their customers to complete purchases without having to make the payment in full or at once. The customers can spread their cost over the next few months through easy EMIs. Furthermore, enabling ZestMoney’s payment option will allow the merchants to tap into its 5 million and rapidly growing consumer base, thereby, giving themselves a massive opportunity to grow their businesses. This is a major step towards ZestMoney’s vision to be universally accepted payment option.
Speaking about the partnership, Lizzie Chapman, CEO, ZestMoney, said, “We want to make ZestMoney ubiquitous to both our consumers and merchants, across online and offline space. This partnership with the leading payment gateways of the country will further strengthen our ecosystem. Our endeavour is to be present wherever shoppers need us and collaborating with partners like Razorpay, Billdesk and Cashfree is a step in the right direction to achieve our goal.”
Talking about the association, Harshil Mathur, CEO, Razorpay, said, "We are excited to offer affordability solutions such as ZestMoney to all our merchants given the impact credit can have in boosting online sales. Today, only a fraction of online sales are financed with EMI vs the offline world and by working with partners like ZestMoney, we can bring EMI availability to everyone."
After successfully servicing consumers with partners like Xiaomi, Paytm, Byjus and UpGrad among others, more than 5 million consumers have been constantly demanding their favourite retailers to enable ZestMoney as a payment option.