Zoho launches ‘Zoho Payments’ a B2B Bill Solution Powered by NBBL

Zoho, the Chennai-based global technology giant, has announced its foray into the payments sector with the launch of Zoho Payments. This comprehensive payment solution, revealed at the Global Fintech Fest, marks Zoho’s entry as a payment aggregator licensed by the Reserve Bank of India (RBI) and as a Bharat Bill Payment Operating Unit (BBPOU) under NPCI Bharat BillPay Limited (NBBL). This initiative not only simplifies online transactions for businesses but also revolutionizes B2B payments through the Bharat Bill Payment System (BBPS).

 A Unified Payment Gateway

Zoho Payments emerges as a PCI-DSS Level 1 compliant solution, offering businesses a secure and seamless method to accept payments online. With support for UPI, over 35 Net Banking options, and various card payments, Zoho’s gateway is designed to enhance the checkout experience for end customers, significantly reducing cart abandonment rates and curbing revenue leakage. Additionally, the solution provides robust fraud management, detailed transaction insights, and a simplified process for handling disputes, making it an indispensable tool for businesses aiming to optimize their financial operations.

 Empowering B2B Transactions

One of the standout features of Zoho Payments is its integration with the BBPS, enabling a streamlined B2B payment process. As a registered BBPOU, Zoho can now onboard buyers and sellers onto the BBPS network, facilitating seamless invoice presentation and payments. This integration, especially when paired with Zoho Books, automates the exchange of invoices and transactions, reducing the need for manual intervention and ensuring accuracy in financial records.

Businesses can also benefit from the flexibility offered by Zoho Payments, allowing them to accept and send payments through multiple modes, including NEFT, RTGS, IMPS, UPI, cards, and Netbanking. The solution’s ability to handle bulk payments for multiple bills further simplifies the payment process, making it a powerful tool for businesses dealing with high transaction volumes.

Financial Management with Connected Banking

Zoho’s launch of this payment gateway aligns with its broader vision of creating a unified financial ecosystem for businesses. Sivaramakrishnan Iswaran, Global Head of Finance and Operations BU at Zoho, emphasized the importance of integrating business finance, banking, and payments to create a holistic financial management solution. With Zoho Payments, the company has achieved this vision, offering businesses a comprehensive platform that seamlessly integrates with Zoho’s suite of finance and operations applications.

This integration eliminates the need for third-party payment gateways, allowing businesses to quickly start accepting payments online while maintaining full control over their financial data. By leveraging NBBL's BBPS for B2B transactions, Zoho Payments sets a new standard in financial management, providing businesses with a unified, efficient, and secure payment solution.

 Leading the Charge in B2B Payments Innovation

As one of the early adopters of NBBL's BBPS for B2B payments, Zoho is positioning itself at the forefront of fintech innovation in India. With the B2B payments sector in India projected to reach a market value of USD $11 trillion by 2026, Zoho’s entry into this space is both timely and strategic. The company’s focus on integrating cutting-edge payment solutions into its existing ecosystem underscores its commitment to driving financial innovation and supporting the growth of businesses across the country.