SaaS major Zoho forays into fintech space, launches Zoho Payments

Software-as-a-service major Zoho corporation on Thursday announced its foray into the payments space with the launch of Zoho Payments -- a unified payment solution to help businesses accept money online from their customers.

Making the announcement at the Global Fintech Fest in Mumbai, the company also introduced business-to-business (B2B) payments capabilities powered by Bharat Bill Payment System (BBPS) of NPCI Bharat BillPay Limited (NBBL). 

“At Zoho, we strongly believe that business finance, banking, and payments should work together. 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,” said Sivaramakrishnan Iswaran, Global Head of Finance and Operations BU, Zoho.

“NBBL’s BBPS standardises invoice presentment and payments, providing multiple payment modes, instant payment confirmations, invoice financing, and a unified platform for invoice transmission and reconciliation. This marks a major advancement in the fintech domain. As a result, we can now offer a more holistic financial management solution for businesses,” he added. 

According to the ministry of finance data, digital payment transactions volume reached a staggering Rs 11,660 crore in 2023 from Rs 3,134 crores in 2018-19. 

Zoho’s payment solution will be integrated with the company’s finance and operations suite, like Zoho Books, Zoho Billing, and Zoho Invoice. 

“It is PCI-DSS level 1 compliant payment solution that enables businesses to securely accept payments through UPI, more than 35 net banking options, and cards,” said the company in a press release.