Zoho Pay: A New Player in Consumer Fintech

Zoho Pay is making its debut in the consumer fintech industry with the introduction of a payments application that will not only act as a standalone service but will also integrate seamlessly with its chat platform, Arattai. A recent report from Moneycontrol highlighted that Zoho Pay enables users to perform various financial transactions such as sending and receiving funds, making secure payments, and engaging in transactions effortlessly within the chat interface.

Integration with Arattai

Arattai, which Zoho launched in early 2021 as a chat and collaboration tool, serves as the basis for this payment functionality. This versatile app already supports key features such as messaging, file sharing, and video calls, and will now incorporate payment options through Zoho Pay.

Current Testing and Future Rollout

At present, Zoho Pay is undergoing internal testing and will be launched in phases over the next few months. This initiative signifies Zoho’s strategic movement into the fintech arena, where the company has already established offerings in business payment solutions and point-of-sale devices.

Expanding Fintech Offerings

In its fintech strategy, Zoho plans to venture beyond mere payments into domains such as lending, broking, insurance, and wealth technology. The firm sees the consumer app as part of a larger vision to create a holistic financial services ecosystem that includes not just payments but also aspects of cash flow management and payouts.

Arattai’s Growing Influence

Arattai, being a “Made in India” messaging service, is positioning itself as a competitor to WhatsApp in the Indian market. The app has recently experienced a significant increase in downloads, bolstered by governmental backing and rising concerns regarding privacy related to international tech companies. Interestingly, WhatsApp also provides UPI-based payment solutions for its user base in India.