Cashfree sprints with 'Move Fast' to gain a toe-hold in fintech's crowded lane

Picture this: French Ambassador Thierry Mathou, mid-Diwali shopping frenzy, standing at a famous Delhi sweet shop. But instead of fumbling for cash or cards, he whips out his phone and zips through the payment via Unified Payments Interface (UPI). The moment, which he shared on X (formerly Twitter), perfectly encapsulated how UPI has become India’s not-so-secret digital weapon.

Other world leaders seem to be catching on to this convenient payment mode. Spanish Prime Minister Pedro Sanchez joined the UPI bandwagon during his Mumbai visit, using the system to buy a Ganesh statue, in October this year. He even got a crash course on UPI’s benefits.

Launched in 2016, UPI has revolutionised digital payments, making real-time transactions a breeze. It’s more than just convenience—UPI 3.0 is powering open banking, bridging credit access gaps, and driving financial inclusion. A study by IIM and ISB reveals that UPI has enabled 300 million individuals and 50 million merchants to embrace seamless digital transactions.

By October 2023, a staggering 75% of India’s retail digital payments flowed through UPI, according to the ‘Open Banking and Digital Payments: Implications for Credit Access’ report. And it’s not just urban India; Kantar latest report highlighted the rise of digital payments, e-commerce, and gaming platforms in rural areas.

In the bustling arena of India’s fintech industry, where innovation and competition go hand in hand to drive the future of payments—Indian-style—Cashfree Payments has decided to redefine its brand identity. With a refreshed campaign titled ‘Move Fast’ and actor Rajkummar Rao as its new brand ambassador, the payments and API banking company is signalling its intent to accelerate growth and cement its position as a leader in the digital payments ecosystem.

But what prompted this rebrand now, and how does it align with the evolving needs of businesses in a rapidly digitising India? To understand the motivation and strategy behind these developments, Campaign spoke exclusively with Aditi Olemann, head and senior director of marketing at Cashfree Payments.

Aditi Olemann, head and senior director of marketing, Cashfree Payments.

Why now? The case for a brand refresh

As India’s digital economy continues its meteoric rise, businesses are demanding faster, more reliable, and more secure payment solutions. According to Olemann, the transformation of India’s fintech landscape is being driven by rapid digitisation and changing consumer expectations.

“Our brand refresh reflects our unwavering commitment to these evolving needs, emphasising speed, reliability, and security as core pillars,” she said. Since inception in 2015, Cashfree Payments claims to have empowered over 600,000 merchants and processes transactions worth over $80 billion annually. Inching towards its 10-year anniversary, the company decided it was the ideal moment to embark on a brand refresh.

A fintech expert noted that this refresh could also signal the company’s plans to raise fresh capital, especially as it has not secured funding since June 2021, when it wrapped up a $35 million Series B round. The Bengaluru-based start-up has raised INR 321.57 crore ($42 million) since its inception. Its revenue growth remained sluggish in FY24, rising just 4.7% to INR 642.7 crore, compared to INR 613.8 crore in FY23. This stagnation is largely due to a year-long Reserve Bank of India ban on onboarding new merchants, which spanned December 2022 to December 2023.

However, Cashfree is poised for a turnaround as its Payment Aggregator (PA), Payment Gateway (PG), and recently acquired Payment Instrument (PPI) licences are expected to drive significant growth in FY25. After nine years in the game, Cashfree is banking on these developments to re-energise its journey and a brand refresh will give just the right impetus.

Its new tagline, ‘Move Fast’, encapsulates this vision. “It’s not just a tagline but a reflection of the ethos upon which our brand’s philosophy hinges,” Olemann added. “It highlights our focus on speed across all aspects—onboarding, transactions, and issue resolution—ensuring businesses can adapt and grow without delays.”

Picking Rajkummar Rao as the face for reliability

Central to this brand refresh is the signing of actor Rajkummar Rao as the face of the campaign. Known for his versatility and relatability with the wide range of movies to date, he brings a unique blend of credibility and charm to the initiative.

A digital film, conceptualised in-house by Cashfree Payments and executed with creative agency OML, showcases the actor as a dynamic storyteller who highlights the company’s values of speed and reliability.

“Rao is a celebrated pop-culture icon, admired for taking bold risks and challenging the status quo,” Olemann explained. “His journey mirrors our ethos of breaking boundaries to create lasting impact. His relatability across diverse demographics makes him the ideal face for our campaign, resonating with businesses and individuals alike.”

For Rao, the partnership is equally exciting. “I’m thrilled to be part of the Cashfree family,” he said. “Digital payments are integral to our daily lives, making transactions smoother and more efficient. Partnering with a brand at the forefront of the fintech revolution is both inspiring and rewarding.”

India’s fintech space is brimming with players offering similar solutions. So, how does Cashfree Payments stand out?

“Cashfree Payments deeply understands the needs of its merchants, and our solutions address their real challenges,” Olemann stated. “For startups, we offer quick onboarding and user-friendly interfaces. Enterprises benefit from advanced capabilities like payment orchestration and fraud monitoring. Our adaptability, backed by a robust product suite, allows us to meet diverse demands and position ourselves as a trusted partner in the competitive fintech landscape.”

The company has introduced several products, including Secure ID, flowWise for payment orchestration, KYC Link, and Risk Shield for fraud monitoring. It also processes transactions worth over $80 billion annually and recently expanded its presence to the UAE through its acquired partner, Telr.

Crafting the campaign: A blend of realism and aspiration

The ‘Move Fast’ campaign isn’t just about a catchy tagline. It reflects real-world scenarios, showcasing how Cashfree Payments drives business growth with fast onboarding, seamless transactions, and quick issue resolution.

“Our campaign is built around real-world scenarios, emphasising speed and reliability,” Olemann noted. “High-energy visuals paired with Rao’s dynamic storytelling bring these values to life. For instance, our digital film focuses on the ease of fast onboarding and seamless issue resolution, illustrating how we empower businesses to focus on growth.”

The campaign will launch across digital channels and offline platforms, including outdoor advertising in entrepreneurial hubs like Bengaluru, Gurugram, and Mumbai. This strategic mix ensures maximum reach and engagement across target demographics.

While speed and efficiency are central to the ‘Move Fast’ campaign, digital fraud remains a pressing concern in the payments space. Does the campaign address these challenges?

Olemann emphasised that educating consumers about digital fraud and fostering financial inclusion is integral to Cashfree Payments’ mission. “We are committed to creating a safer digital ecosystem through innovative tools like Risk Shield, which provides proactive fraud monitoring and prevention. By positioning ourselves as a leader in both efficiency and security, we aim to build trust and empower businesses to operate confidently in the digital age,” she said.

For Cashfree Payments, the success of this campaign will be measured through various metrics, including brand recall, customer acquisition, service adoption rates, and revenue growth.

Tangible outcomes, such as increased merchant onboarding and service adoption, are expected within the first quarter post-campaign. “Over time, these efforts are expected to strengthen the company’s market position, driving sustained business growth.

Can campaigns tackle digital fraud?

While the ‘Move Fast’ campaign has been created to position Cashfree Payments as a leader in speed and reliability, it raises an important question: can such initiatives also help address the rising tide of digital fraud?

With tools like Risk Shield and a focus on educating businesses, the fintech appears to be taking steps in the right direction. However, in a world where cyber threats evolve as quickly as the digital economy, the effectiveness of such campaigns in curbing fraud remains to be seen.

As the fintech industry continues to innovate and grow, balancing speed, efficiency, and security will be critical. For Cashfree Payments, the road ahead is as much about scaling as it is about safeguarding the trust of its 600,000-plus merchants.

The ‘Move Fast’ campaign is a step forward, but whether it can truly set a new benchmark in both efficiency and security will depend on how well Cashfree Payments can deliver on its promises.