Fintech

Zoho Enters Fintech with Launch of Zoho Payments, Unveils B2B Payment Capabilities

• ByStartupStory     |    August 30, 2024

Zoho, the US and Chennai-based SaaS giant, has officially entered the fintech sector with the launch of Zoho Payments, a unified payment solution designed to help businesses seamlessly accept money online from their customers. The announcement was made on Thursday at the Global Fintech Fest in Mumbai, an event organized by the Payments Council of India (PCI), National Payments Corporation of India (NPCI), and Fintech Convergence Council (FCC).

In addition to its payment gateway, Zoho also introduced B2B payment capabilities aimed at streamlining invoice presentment and payments. These capabilities are powered by the Bharat Bill Payment System (BBPS) of NPCI Bharat BillPay Limited (NBBL), ensuring a smooth and efficient payment process for businesses.

Zoho’s foray into the payments space follows the company’s acquisition of a payment aggregator license from the Reserve Bank of India (RBI) in February 2024, further solidifying its commitment to providing comprehensive financial solutions.

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

Zoho Payments is set to offer close integration with Zoho’s existing business applications in the finance domain, including Zoho Books, Zoho Billing, and Zoho Invoice, allowing the company to deliver an end-to-end financial management solution to its clients. The payment gateway is PCI-DSS level 1 compliant, ensuring that businesses can securely accept payments through various channels, including UPI, over 35 Net Banking options, and cards.

The platform also comes equipped with advanced fraud management tools, detailed insights into transactions, and functionalities for handling refunds, payment failures, and dispute management. NBBL’s BBPS will further enhance the service by providing multiple payment modes, instant payment confirmations, invoice financing, and a unified platform for invoice transmission and reconciliation.

Follow Startup Story