Zoho Corporation is set to make a significant contribution to India's fintech sector with Zoho Pay, a new UPI application. This app will enable users to securely send and receive money and manage payments. Currently in its testing phase, Zoho Pay is expected to launch soon and will primarily target the payment ecosystem for small and medium businesses (SMBs).

After developing its indigenous technology platform, Arattai, Zoho is now preparing to launch Zoho Pay to compete with existing giants like PhonePe, Paytm, and Google Pay. As a major push into the fintech space, the company is introducing the Zoho Pay UPI application to compete globally. Sources indicate the app is currently undergoing testing and is expected to be released shortly.

Zoho Pay aims to target the ecosystem of customer payments and small and medium businesses (SMBs) who utilise Zoho Billing and Point of Service (POS) solutions. It is reported to have a payment-aggregator license and over ten lakh installations of its indigenous messaging platform, Arattai, which will facilitate users to send and receive money and make secure payments. Zoop Friends from Nature Quartz Analog Pink Dial Pink Plastic Strap Watch for Kids - NT16039PP01

While the company plans a phased rollout, it is anticipated to face intense competition from other dominant UPI wallets and applications in the digital payment market. Zoho Pay will be available as a standalone application and will also be directly embedded within Zoho's homegrown messaging platform, Arattai. Also Read: Zupee Studio Clocks 10 Million Downloads in One Month!