Cashfree Payments sees 57% growth in processing user identity verification

Cashfree Payments, a company specialising in API banking solutions and payments, announced that the company’s verification suite has processed over 400 million user identity verifications in financial year 23, a 57 per cent year-on-year increase.

The company said the verification suite aids businesses in verifying the identity and source of funds of individual users and partner businesses. Verification of businesses such as suppliers or service providers is carried out through the authentication of Aadhaar, PAN, GSTN, bank accounts and UPI handles, among others.