Zoho Broadens Fintech Play With Payment Devices Launch

In a strategic move to deepen its footprint in the fintech space, Zoho has announced its foray into the hardware segment with the launch of Zoho Payments PoS devices, QR devices, and sound boxes. The initiative marks a significant step for the company, which has traditionally been known for its software-driven business applications.

From Software to Hardware: Building a Payments Ecosystem

Following the launch of Zoho Payments in 2024, the company is now expanding its payout capabilities, virtual accounts for collections, and marketplace settlement solutions.

“We got into payments last year. We were supporting online payments without any devices. As a strategy, we may start in one area but keep expanding. This is a natural progression for us,” said Sivaramakrishnan Iswaran, CEO, Zoho Payment Technologies and Global Head of Finance & Operations, Zoho.

Made in India on the Horizon

Currently, Zoho’s payment devices are imported into India, but the company plans to localise manufacturing in the future.

“Getting into manufacturing is also a possibility for us, but not at this point. Manufacturing will also mean R&D investment,” Iswaran added, signalling Zoho’s long-term commitment to India’s tech manufacturing ecosystem.

Expanding Financial Services Portfolio

With this move, Zoho is further strengthening its financial services portfolio, which currently rests on four key pillars: Payments, Business Software, Connected Banking, and Bharat Connect. The company’s finance and operations platform is witnessing 32% year-on-year growth in India.

Within the payments segment, Zoho has established a presence across both collections and payouts, offering an integrated approach to business financial operations.

When asked about entering the payments space relatively late, Iswaran disagreed.

“In business software, we’ve been at it for two decades. In banking too, we have strong partnerships with seven to eight banks in India and several abroad. Payments may seem new for us, but there’s still significant untapped potential,” he explained.

According to a PwC India report, digital payments in India witnessed a 42% year-on-year growth in FY24, with projections indicating a threefold surge by FY29. The merchant acquiring infrastructure,, both online and offline, continues to expand across metros and smaller cities alike.

Innovations such as sound boxes, QR growth (30% YoY), and merchant cross-sell strategies have further driven adoption, creating a strong environment for players like Zoho to establish a solid hardware-led presence in the payments ecosystem.

With the hardware launch, Zoho is bridging the physical and digital realms of payments, aligning its financial software stack with on-ground merchant solutions. As it explores local manufacturing and R&D expansion, the company is setting the stage for a comprehensive, end-to-end payments ecosystem powered by both software intelligence and hardware innovation.