Zoho Pay set to challenge Google Pay, PhonePe, and Paytm in India’s digital payments market

Zoho is gearing up to launch its consumer payments app, Zoho Pay. Zoho Payments Tech CEO Sivaramakrishnan Iswaran told Moneycontrol that the new product will allow users to send and receive money, make secure payments, and allow for seamless transactions

The app is currently undergoing internal testing and is expected to be rolled out in the coming months. Once launched, Zoho Pay will be available both as a standalone app and as an integrated feature within Zoho’s messaging platform, Arattai, allowing users to make payments directly within their chats.

“Zoho Pay is designed to provide a smooth, secure, and integrated payment experience,” Iswaran told Moneycontrol. “The app will be available both as a standalone platform and within Arattai, allowing users to make transactions without leaving their chat interface.”

He added that Zoho Pay is part of the company’s larger vision to create a comprehensive financial services ecosystem.

Zoho already launched Zoho Payments (for businesses) in India , a payment gateway/aggregator for businesses to accept payments via cards/UPI/net-banking.

After adhering to the Reserve Bank of India’s regulatory requirements, the company secured its Payment Aggregator License in February 2024. Zoho Payments was formally introduced during the Global Fintech Fest 2024 (GFF), a major milestone for the company’s fintech journey.

Designed to streamline payment processing, the platform offers a secure, seamless, and hassle-free experience for entrepreneurs, startups, and growing enterprises alike, making business transactions easier and more reliable than ever.