Zoho Corporation is expanding its push into financial services with the launch of a suite of in-person payment devices — including point-of-sale (POS) terminals, QR-enabled devices, and sound boxes — under its Zoho Payments arm.
The move marks the firm’s first hardware foray and underscores its intent to build an integrated financial ecosystem that spans collections, payouts, and connected banking for businesses, Sivaramakrishnan Iswaran, chief executive of Zoho Payment Technologies and global head of finance and operations at Zoho, told FE.
The hardware will be unveiled at the Global Fintech Fest 2025. This extends Zoho’s payment capabilities beyond its online gateway launched last year. The new devices allow businesses to accept card and UPI payments and come with built-in billing, receipt printing, and reconciliation features.
Zoho to explore local manufacturing
The entry into hardware manufacturing represents a strategic shift. “Most POS devices sold in India are imported from China, and Zoho could look to explore local manufacturing in three to five years. If we can make POS devices in India, nothing like it,” Iswaran said, adding that Zoho’s private ownership allows long-term bets without investor pressure.
Zoho has also introduced virtual accounts for collections, automated salary disbursements, and marketplace settlement tools that simplify vendor payments and fund tracking.
Iswaran explained the company’s goal was to “eliminate traditional silos between banking, business finance and payments” through a tightly integrated suite. He noted that Zoho’s broader finance ecosystem — including accounting, payroll, billing, and expense management software — now links directly with partner banks and payment rails.
What did Ishwaran say?
“Banking, business software, and payments should come together. When they do, it gives immense benefit to the mutual customer,” Ishwaran said. Zoho already integrates with around eight Indian banks, including ICICI, SBI, and Kotak, with Axis Bank being the latest onboarded. These partnerships enable what it calls “connected banking,” where businesses can initiate payouts, track balances, and reconcile statements directly within Zoho’s software.
The company’s payments arm operates as a Reserve Bank of India-licensed payment aggregator and a Bharat Bill Payment Operating Unit, providing a compliant foundation for its growing financial services portfolio. Iswaran added that Zoho is investing heavily in risk management, KYC, and AI-driven fraud detection systems to strengthen its payments backbone.
Zoho’s long-term vision, he added, is not limited to payments. By connecting its finance software, payments, banking integrations, and Bharat Connect — NPCI’s business data exchange framework — the company aims to offer a comprehensive financial infrastructure platform supporting both small and large enterprises.