Zoho has launched its own payments platform, known as Zoho Payments. The service aims for users to have better control over their payments and automation over financial workflows and includes risk and fraud management services.
As a popular platform creator for businesses, the move could be seen as a way for Zoho to create a more centralized and seamless experience for users, particularly as Payments is available as an integration within other Zoho products.
Furthermore, evidence suggests that with the continuing growth of digital payments, the potential for a cashless society remains. With consumers being more likely to spend more when using a digital payment method, the move could be a positive one for many businesses.
Zoho Launches Unified Payments Platform
Global technology company Zoho has launched Zoho Payments, a unified payments platform where businesses can collect payments online, using many different payment methods. The move marks the Indian company’s entrance into the US payments market.
Zoho Payments supports over 135 currencies, giving it the reach international businesses require. It aims to provide better visibility on payment transactions, payouts, refunds, payment failures, and account summaries, as well as overviews of cash flow, payment trends, and operational bottlenecks.
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The announcement was made at Zoholics US, the company’s annual user conference, held this year in Houston from May 13 to May 15. Alongside Payments, the company announced the addition of a new generative AI and new workflow capabilities to Customer Relationship Management (CRM) for Everyone, its latest Customer Experience (CX) platform.
A Push Towards a Collective Zoho Product Experience
Zoho’s products are popular for businesses and are used by over 120 million users globally. Zoho Payments joins an impressive roster of products, including Zoho CRM, Zoho Commerce, Zoho Invoice, and Zoho Books.
Payments is available now and is already integrated across other Zoho Apps. While the company has integrated its other products — such as Invoice and Books — into other digital payment platforms, offering its own payment service could be seen as an attractive offer for businesses already using its products.
With all services available on the Zoho platform, businesses can expect a more seamless and secure experience when using their technology. Alvaro Lafee, CEO of Logoscorp, has already praised the new Zoho Payments platform for its flawless integration with Zoho Books.
A Future of Exclusively Digital Payments
Zoho Payments joins a US payments market that is looking increasingly digitized.
Research from Capital One shows that nearly 87% of transactions are now cashless, and 81% of US consumers prefer to pay by card. Significantly, 63.9% of Americans also expect a cashless future, and of those, 44.3% believe a cashless society is very likely.
This setup could exclude certain members of society, such as the elderly, who can’t use digital technology, as well as those who live in more rural areas without good signal. For businesses, however, a cashless society could see increased control and tracking over payments, which is ever more important as cybercrime becomes more of a threat.
