You can soon send, receive money via Zoho Pay
What's the story
Zoho, the Chennai-based software as a service (SaaS) giant, is all set to launch its consumer payments app 'Zoho Pay.' The new offering will be integrated into Zoho's chat platform Arattai and will take on established players such as Google Pay and PhonePe. Sivaramakrishnan Iswaran, CEO of Zoho Payments Tech, said that the app will allow users to send/receive money securely and perform seamless transactions.
Strategic move
Zoho Pay part of larger financial services ecosystem
Iswaran told Moneycontrol that Zoho Pay is part of a larger plan to create an all-encompassing financial services ecosystem. The company already offers business payments and point-of-sale (POS) solutions, and intends to expand into lending, broking, insurance, and wealthtech. "Our approach to fintech is incremental; we're starting with payments and gradually expanding into other financial services," Iswaran said.
App evolution
Arattai will be the entry point for consumer payments
Launched in early 2021, Arattai is Zoho's homegrown chat and collaboration app. The platform was developed in response to growing privacy concerns over foreign messaging platforms. It has since evolved with features such as group chats, video calls, file sharing, and now payment integration through Zoho Pay. "Arattai is our consumer-facing platform that connects people and small businesses," Iswaran said of the upcoming feature.
Expansion strategy
Other fintech products in the pipeline
Along with Zoho Pay, the company's fintech roadmap includes Zoho Billing, an invoicing and subscription management solution, and deeper integration of Zoho Payroll with the banking systems. "Our intent is to build an interconnected financial stack, from collecting payments to managing cash flow and automating payouts," Iswaran said. The product is currently in internal testing and will be rolled out in phases over the coming months.