Zoho, a global tech company headquartered in Chennai, has officially entered the payments sector with the launch of Zoho Payments, a unified solution that enables businesses to accept online payments from their customers. This new service also includes B2B payment capabilities, which are powered by the Bharat Bill Payment System (BBPS) from NPCI Bharat BillPay Limited (NBBL). The announcement was made at the Global FinTech Fest.
Sivaramakrishnan Iswaran, Zoho's Global Head of Finance and Operations, emphasized the company's belief in integrating business finance, banking, and payments. Zoho Payments furthers this vision, following the company's earlier release of its "Connected Banking" solution. The new B2B payment capabilities offer a standardized platform for invoice presentation and payments, with multiple payment options, instant confirmations, and a unified system for invoice processing and reconciliation, creating a more comprehensive financial management solution for businesses.
The platform also focuses on improving customer experience by providing a smooth checkout process, reducing cart abandonment, and minimizing revenue loss. Additional features include fraud management, transaction insights, easy handling of disputes, and integration with Zoho’s finance apps, such as Zoho Books, Zoho Billing, and Zoho Invoice.
As a registered Bharat Bill Payment Operating Unit (BBPOU) with NBBL, Zoho Payments is positioned as a payment aggregator, enabling businesses to process payments through various methods, including NEFT, RTGS, IMPS, UPI, cards, and Netbanking. This development enhances Zoho's capacity to streamline payments for businesses across different sectors.
