Zoho Pay is coming to shake up the digital payments scene in India. The Indian tech company Zoho, known for its chat app Arattai and Ulaa browser, is launching a new payment app called "Zoho Pay." This app will compete with big names like Paytm, PhonePe, and Google Pay.
Made in India: Zoho Pay will focus on Indian users and provide a local alternative to foreign apps.
Zoho is a trusted Indian tech company. Its messaging app, Arattai, is seen as a homegrown option to WhatsApp, and the Ulaa browser competes with Google Chrome. Now, Zoho is entering the digital payment space with Zoho Pay, aiming to offer a local choice.
Zoho already has a license for payment services: The app will let users chat and make payments, similar to WhatsApp.
Reports say that Zoho Pay will be a separate app, but it may connect with Arattai Messenger later. This means users could chat and pay in one app. Zoho already has a license for payment services and offers business payment options. By launching Zoho Pay for consumers, the company hopes to grow its user base and challenge Paytm, PhonePe, and Google Pay.
Launch Date: Zoho hasn't announced when Zoho Pay will be available, but it might launch in the next few months. The app is currently being tested and will be available on Android and iOS.
UPI Transactions on the Rise: India is leading the way in digital payments.
India's digital payment network is the busiest in the world. A report said that 17,221 crore transactions happened through UPI in 2024, a big jump from 1,079 crore in 2019. The total value of these transactions grew from Rs 18.4 lakh crore in 2019 to about Rs 247 lakh crore in 2024. With Zoho Pay entering the market, competition in this area is set to increase.