With B2B payments solutions, Zoho bets on fintech sector

SaaS major Zoho has launched Zoho Payments, a unified payment solution to assist businesses in accepting online payments from customers. 

The Chennai-based firm has also rolled out B2B payment features that enhance invoice management and transactions, powered by the Bharat Bill Payment System (BBPS) from NPCI Bharat BillPay Limited (NBBL). Zoho launched the services during the Global Fintech Fest 2024 held at Jio World Convention Centre, Mumbai.

“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. 

The volume of digital payment transactions surged to Rs 11,660 crore in 2023, up from Rs 3,134 crore in 2018-19, revealed data provided by the Ministry of Finance. This increase is largely driven by the widespread adoption of alternative payment methods such as UPI (Unified Payment Interface).

Zoho Payments aims to help businesses securely accept payments via UPI, more than 35 net banking options, and credit/debit cards. It also provides features for fraud management, transaction insights, refunds, handling payment failures, and managing disputes efficiently.

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Additionally, this new feature is built into Zoho's finance and operations suite, which includes billing and invoices. This means businesses can connect with the payment solution and start accepting online payments quickly, without needing to set up separate third-party accounts or integrate with other payment gateways.

Zoho Payments as a payment aggregator has been registered as a Bharat Bill Payment Operating Unit with the NBBL, which enables Zoho Payments to onboard buyers and sellers on the BBPS network and facilitate B2B payments.