Homegrown tech giant Zoho is working on a new UPI-based payments app.
Highlights
Zoho Pay will charge users a fee for its services.
There will be a 0.5 percent platform fee on UPI payments.
RuPay transactions will attract a platform fee of 2%.
Zoho Pay: Zoho Pay is coming to compete with payment apps like Google Pay, PhonePe, and Paytm. Domestic tech giant Zoho is working on a new UPI-based payment app called Zoho Pay. This new app, called Zoho Pay, will offer users multiple payment options, including UPI, cards, net banking, and banking connect. Users can also collect recurring payments through UPI. All these features make it an ideal app for subscription-based services.
Zoho Pay is currently undergoing testing. The app will be rolled out in India in a phased manner. Interestingly, Zoho Pay will also be integrated ( via Arattai ), Zoho's messaging platform. This will allow users to transact money directly within chat. Zoho aims to compete with apps like Google Pay , PhonePe, and Paytm, which already offer payment services with a strong presence in the market.
Zoho Pay allows users to receive payments in a variety of ways, including through invoice emails, payment links, dedicated payment pages, client portals, and more. For businesses managing large transaction volumes, Zoho Pay allows users to track chargebacks, respond to them, and collect proof within a single dashboard.
What will be the fees?
Zoho Pay will charge a fee for its services. UPI payments will incur a 0.5% platform fee. Card, net banking, and RuPay transactions will incur a 2% platform fee. Bank transfers will be charged 1% or Rs 10 (whichever is lower). Transactions via credit card will incur a 2.75% fee. All platform fees will be deducted before the final settlement is credited to the user's bank account, keeping the process clean and predictable.
