Zoho, the Chennai-based technology powerhouse, has officially marked its entry into the payments sector with the launch of Zoho Payments, announced at the Global Fintech Fest on August 29. This new offering is a comprehensive payment solution designed to streamline online payment acceptance for businesses, adding a significant layer to Zoho’s already robust suite of financial management tools, as stated by media reports.
The company also introduced advanced B2B payment features, leveraging the Bharat Bill Payment System (BBPS) from NCPI Bharat BillPay Limited (NBBL). These enhancements aim to simplify the complexities of invoice management and payments, offering businesses an integrated approach to handling their financial transactions.
“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. “With the launch of Zoho Payments today along with our B2B payment capabilities, we have taken a significant step toward realizing this vision. NBBL’s BBPS standardizes 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,” he further added.
A key strength of Zoho Payments lies in its seamless integration with Zoho’s finance and operations suite, which includes Zoho Books, Zoho Billing, and Zoho Invoice.
Zoho also announced that businesses can access financing for unpaid invoices via the TReDS platform through the BBPS network, providing added flexibility and financial support.
Moreover, Zoho Payments supports multiple payment methods, including NEFT, RTGS, IMPS, UPI, cards, and net banking. It also automates the reconciliation of payment information with corresponding invoices, reducing manual efforts and simplifying the payment process, particularly for bulk transactions.