Chennai based global technology company Zoho enters the payments sector with the launch of Zoho Payments, a comprehensive solution designed to facilitate online transactions for businesses. Announced during the Global Fintech Fest, the announcement highlights Zoho’s commitment to enhancing financial management for its users.
This unified payment solution aims to streamline the payment process, reducing cart abandonment rates enhancing overall customer experience. With Zoho Payments, businesses ensuring compliance with PCI-DSS level 1 standards can now accept various payment methods, including UPI, net banking, and credit cards.
Sivaramakrishnan Iswaran, Zoho’s Global Head of Finance and Operations, emphasised the importance of integrating banking and payments within business finance “At Zoho, we strongly believe that business finance, banking and payments should work together”, he said. The new platform, Zoho Payments, integrates with leading banks and offers a range of financial management features, including B2B payments and invoice financing.
B2B Payments Powered by BBPS
A notable feature of Zoho Payments is its B2B payments capabilities, powered by the Bharat Bill Payment System (BBPS) from NPCI Bharat BillPay Limited. This integration allows businesses to manage invoice presentment and payments seamlessly. Invoices generated through Zoho Books can be automatically recorded in the buyer’s accounting system, streamlining the reconciliation process and reducing manual intervention. Additionally, businesses can access financing for unpaid invoices through the TReDS platform, further enhancing cash flow management.
Market Growth
As the Indian B2B payments market is projected to reach USD $11 trillion by 2026, Zoho Payments offers a holistic financial management solution for businesses and aims to capitalise on this growth by providing businesses with a robust platform to integrate payments into their existing workflows.
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