Recently, one of the most reputable software-as-a-service companies on a global scale, Zoho, has announced its entry into the payments market by introducing Zoho Payments.
Thereby, businesses can provision their Zoho Payments to customers and receive online payments through various means, including cards and UPI.
Making the announcement at the Global Fintech Fest in Mumbai, Zoho also introduced B2B payment capabilities, powered by the Bharat Bill Payment System (BBPS) of NPCI Bharat BillPay Limited (NBBL).
Zoho Payments aims to integrate seamlessly with other financial Zoho products, including Zoho Books, Zoho Billing, and Zoho Invoice - allowing businesses to manage their finances efficiently and painlessly.
“At Zoho, we strongly believe that business finance, banking, and payments should work together. 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,” said Sivaramakrishnan Iswaran, Global Head of Finance and Operations BU, Zoho.
“NBBL’s BBPS standardises 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. As a result, we can now offer a more holistic financial management solution for businesses,” he added.