Introduction
Zoho has launched Zoho Pay, a novel customer payments app, as a first step in developing an inclusive financial services setting.
The SaaS leader, whose headquarters are located in Chennai, is expanding its fintech play with Zoho Pay, a customer payments app incorporated within Arattai, along with novel financial software offerings and POS devices.
Zoho Pay App features
- Core payment functions: The app allows users to safely deliver and receive money and also perform regular transactions. It also carries the license of a payments aggregator along with tens of millions of Arattai installs.
- Standalone and incorporated: It is accessible both as an entrenched and a standalone app on the Arattai chat platform, enabling users to complete payments without leaving their conversations. Since its early 2021 launch, Arattai itself has quickly developed, now supporting file sharing, calls, and group chats.
- Competitive landscape: The launch positions Zoho in direct competition with current customer payment apps such as PhonePe and Google Pay within India.
Part of a huge Ecosystem approach
- Developing a full stack: Zoho Pay is considered to be the preliminary offering into developing a “full-stack” economic services setting, which will involve other goods.
- Upcoming services: In the future, the organisation plans to include more services like broking, wealthtech, and insurance, where expansion within these fields is projected for the future. Another service is payroll, which includes tighter incorporation of payroll with banking systems. Along with this, Zoho Billing service is regarded as a subscription and invoicing management platform.
Security, privacy and long-term vision
This particular move by Zoho determines the organisation’s deeper venture within the financial technology ecosystem, where it already executes business payments.
Zoho Pay has been created in order to offer a safe and smooth payment experience. With its expanding fintech portfolio and Zoho Pay, the organisation is moving up in order to serve both small businesses and customers throughout the transaction lifecycle.
According to Sivaramakrishnan Iswaran, CEO of Zoho Payments Tech, currently, the product is going through an internal testing procedure and, in the coming months, will be rolled out in stages.
The organisation intends to compete on the security of user transactions, a strong strategy towards privacy, and a standard infrastructure, which signifies its well-settled organisational philosophy.
The incorporation of Arattai was unveiled by the cofounder of Zoho and Sridhar Vembu earlier this month. In a post on X on 8th October, Vembu unveiled its first all-in-one PoS device, static QR with soundbox, and smart PoS device, to extend its fintech offerings under Zoho Payments.
Whereas the fintech field is crowded, the company upholds profitability and holds organic development as its major principles, planning to gradually develop its financial stack for consumers.
A step towards driving the digital payment marketplace of India
- With Zoho Pay going live, its launch can restructure the digital payments marketplace of India by facilitating a combined experience for commerce and conversation into a single Indian platform.
- With the incorporation of payments within regular chat, Zoho wants to establish an exceptional connection of trust and ease, as technology in the thriving UPI ecosystem of India.
Zoho Pay’s Core strategy
The novel product is a significant part of an incremental, holistic, and purposeful expansion within the financial services.
The ecosystem of Zoho already counts more than 100 million users throughout its numerous software products, providing it with a prepared user base in order to cross-promote customer payments within its range.
The incorporation intends to convert Arattai into a full-fledged super app, following international trends set by platforms such as WhatsApp Pay and WeChat, but winning on its Made-in-India privacy and recommendation.
