Zoho forays into fintech with launch of payment gateway

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

The US and Chennai-based SaaS firm also introduced B2B payments capabilities that streamline invoice presentment and payments. The B2B payments capabilities of Zoho Payments are powered by Bharat Bill Payment System (BBPS) of NPCI Bharat BillPay Limited (NBBL). Zoho obtained a payment aggregator license from RBI in February 2024. 

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

Among other facilities, NBBL’s BBPS provides multiple payment modes, instant payment confirmations, invoice financing, and a unified platform for invoice transmission and reconciliation, he added.  

With close integrations with Zoho’s own business applications in the finance domain such as Zoho Books, Zoho Billing, and Zoho Invoice, the software major will now be able to offer an end-to-end financial management solution to clients. 

Zoho Payments is PCI-DSS level 1 compliant and will enable businesses to securely accept payments through UPI, 35+ Net Banking options, and cards. It also offers fraud management, detailed insights on transactions, refunds, payment failures, and other dispute management tools. 

Zoho announced their payments foray at the Global Fintech Fest organised by Payments Council of India (PCI), National Payments Corporation of India (NPCI), and Fintech Convergence Council (FCC) in Mumbai.