Zoho has launched ‘Zoho Pay’, which will compete with Phone Pay and Google Pay. It is a UPI app and hardware POS device, which has been approved by RBI. It will be integrated with Zoho’s chatting app ‘Arattai’.
Now India’s ‘Zoho Pay’ is coming in the market to compete with the giants like ‘Phone Pay’ and ‘Google Pay’. This is a new UPI payment app from Zoho company, which will be connected with their chatting and calling app ‘Arattai’. Zoho Pay is not just an app, it is also launching a new hardware-based POS device, which is a big step in India’s digital payments market.
Features of Zoho Pay
1) App-based payment: UPI payment can be made through Zoho Pay, which will be directly linked to the chatting and calling app ‘Arattai’. This will provide an easy and integrated experience for users.
2) Hardware-based payment solution: Zoho has also introduced new POS (point-of-sale) devices in India. These devices will be able to take card, UPI and other wallet payments.
3) Market Competition: Zoho Pay will directly compete with big players like Phone Pay and Google Pay. Its hardware-based solution and app-based payment facility will make this competition more interesting.
4) Reserve Bank Approval: Zoho has received approval from the Reserve Bank of India (RBI) as a payment aggregator. This means it can take payments via UPI, card, or bank transfer and give them to merchants.
market and competition
Currently, India’s UPI payment market is dominated by PhonePe and Google Pay.
As of September 2023, PhonePe was at the top with about 45.74% market share, and Google Pay was at second place with 35.30% share.
With the entry of new players like Zoho Pay, this market will become more competitive, which will provide more benefits to the users.
future prospects
With the arrival of Zoho Pay, competition in the UPI payment market in India will further increase. Since Zoho is now focusing on both hardware and software, it is expected that it will be able to establish itself as a strong competitor in the future.