Chennai SaaS-company Zoho has made its foray into the payments sector by launching Zoho Payments, a solution for online payments.
Zoho Payments is a PCI-DSS level 1 compliant platform that allows businesses to securely process payments through various channels, including UPI, over 35 Net Banking options, and cards. The solution integrates with Zoho’s suite of finance and operations applications, such as Zoho Books, Zoho Billing, and Zoho Invoice.
In addition to its core payment processing capabilities, Zoho has introduced B2B payment features powered by the Bharat Bill Payment System (BBPS) of NPCI Bharat BillPay Limited (NBBL). This will allow businesses to manage invoice presentment and payments directly through Zoho Books, facilitating smoother interactions between buyers and sellers.
The BBPS integration automates the recording and reconciliation of invoices and bills, reducing manual intervention and improving overall financial efficiency. Businesses can also make bulk payments and access financing for unpaid invoices through the BBPS network.
Zoho’s entry into the payments sector comes at a time of huge growth in India’s digital payments space. The volume of digital payment transactions in the country surged from Rs 3,134 crore in 2018-19 to an impressive Rs 11,660 crore in 2023, driven largely by the adoption of alternative payment methods like UPI.
In a statement, “At Zoho, we strongly believe that business finance, banking, and payments should work together,” said Sivaramakrishnan Iswaran, Global Head of Finance and Operations BU, Zoho.
“Towards this vision, we had launched our ‘Connected Banking’ solution across our finance apps, integrating with leading banks. With the launch of Zoho Payments today, along with B2B payment capabilities, we are able to achieve our goal,” he added.
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