Zoho announced its
entry into the payments space with the launch of Zoho Payments, a unified
payment solution designed to facilitate business-to-business (B2B)
transactions.
The company's new
offering allows businesses to receive payments through various methods,
including UPI, net banking, and cards.
Zoho made this
announcement at the Global Fintech Fest organised by the Payments Council of
India (PCI), National Payments Corporation of India (NPCI), and Fintech
Convergence Council (FCC) in Mumbai.
The firm, led by
Sridhar Vembu, also introduced B2B payment capabilities that streamline invoice
presentment and payments. These capabilities are powered by the Bharat Bill
Payment System (BBPS) of NPCI Bharat BillPay Limited (NBBL). Zoho obtained a
payment aggregator license from the Reserve Bank of India (RBI) in February.
Sivaramakrishnan
Iswaran, Global Head of Finance and Operations BU at Zoho, said in a statement,
"At Zoho, we strongly believe that business finance, banking, and payments
should work together.
Towards this vision,
we launched our 'Connected Banking' solution across our finance apps,
integrating with leading banks. With the launch of Zoho Payments today and B2B
payment capabilities, we can achieve our goal."
In addition to
multiple payment modes, instant payment confirmations, invoice financing, and a
unified platform for invoice transmission and reconciliation, NBBL's BBPS
offers various facilities, Iswaran added. Zoho's close integrations with its
business applications in the finance domain, such as Zoho Books, Zoho Billing,
and Zoho Invoice, will now allow the software major to offer an end-to-end
financial management solution to clients.
Zoho Payments is
PCI-DSS level 1 compliant and enables businesses to securely accept payments
through UPI, 35 plus net banking options, and cards. It also provides fraud
management, and detailed insights on transactions, refunds, payment failures,
and other dispute management tools.
This announcement
comes almost six months after Zoho launched its new business division, Zakya,
to offer POS solutions to its retail business in February. Zakya offers
improved inventory management, omnichannel sales, and customer experience, and
can be implemented in under an hour for businesses with thousands of items in
their inventory.
Zoho has been
diversifying its offerings for some time now. In 2023, the company launched
Zoho Practice, a free end-to-end practice management solution tailored for
chartered accountants (CAs) to increase their productivity and operational
efficiency.
The company offers
more than 50 integrated online applications that support multiple business
operations spanning sales and marketing, finance, email and collaboration, app
creation, and analytics, among others.
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