CHENNAI: Zoho is entering the payments space by launching Zoho Payments, a unified payment solution for businesses which enables them to accept money online from their customers.
It got payment aggregator and payment gateway (PAPG) licence from the RBI in February and launched the product at global fintech fest on Thursday.
This would enable businesses to accept payments through UPI, net banking options, and cards, instead of integrating with third-party payment gateways and creating a third-party payment account, the company said.
Payment was the critical missing piece in the Zoho’s ecosystem, Sivaramakrishnan Iswaran, global head of finance and operations, told TOI.
Speaking over the phone, he said, “We had software for various things like books, inventory, billing, CRM and are depending on various partners both in India and globally to fill that gap.”
Business finance, banking and payments should work together, he said. “The company is integrating its services with a few banks from 2017. Zoho’s vision of connected banking is now standardised with the help of NPCI.”
Zoho Payments as an aggregator has been registered as a Bharat Bill Payment Operating Unit (BBPOU) with the NBBL. This means Zoho Payments can onboard buyers and sellers on the BBPS network and facilitate B2B payments.
Invoices sent through Zoho Books on the BBPS platform will automatically be recorded in the buyer’s or accounting app. Similarly, bills sent by their seller will be recorded automatically in Zoho Books. This would also support financing of unpaid invoice on the TReDS platform, Sivaramakrishnan said.
It got payment aggregator and payment gateway (PAPG) licence from the RBI in February and launched the product at global fintech fest on Thursday.
This would enable businesses to accept payments through UPI, net banking options, and cards, instead of integrating with third-party payment gateways and creating a third-party payment account, the company said.
Payment was the critical missing piece in the Zoho’s ecosystem, Sivaramakrishnan Iswaran, global head of finance and operations, told TOI.
Speaking over the phone, he said, “We had software for various things like books, inventory, billing, CRM and are depending on various partners both in India and globally to fill that gap.”
Business finance, banking and payments should work together, he said. “The company is integrating its services with a few banks from 2017. Zoho’s vision of connected banking is now standardised with the help of NPCI.”
Zoho Payments as an aggregator has been registered as a Bharat Bill Payment Operating Unit (BBPOU) with the NBBL. This means Zoho Payments can onboard buyers and sellers on the BBPS network and facilitate B2B payments.
Invoices sent through Zoho Books on the BBPS platform will automatically be recorded in the buyer’s or accounting app. Similarly, bills sent by their seller will be recorded automatically in Zoho Books. This would also support financing of unpaid invoice on the TReDS platform, Sivaramakrishnan said.
