Innoviti announced today that it had entered a partnership with Visa, the leader in payments technology to develop a platform that will enable issuers to extend credit to their cardholders at face-to-face point-of-sale (In India). It provides shoppers the ability to choose how they pay during the purchase with the introduction of a suite of platform capabilities leveraging Innoviti’s uniPAY Next platform and Visa’s APIs. Innoviti and Visa plan to collaborate and pilot a variety of installment use cases as part of this partnership going forward.
The installments platform will help merchants leverage cardholders’ existing relationships with financial institutions to provide installment solutions at the point of sale – through a single API-based integration. This will ultimately help merchants enhance sales, improve customer loyalty and overall cash flow, while offering their shoppers a friction-free payment experience at checkout.
Banks will benefit by leveraging this platform to offer installment solution to its cardholders by simplifying current challenges – reconciliation, settlement, dispute management and scheme design flexibility.
The platform will initially be piloted with one bank and enabled for key electronic merchant chains on Innoviti’s platform. It will subsequently be extended to other banks, merchants, and payment service providers through easy to use APIs using which they more use cases can be developed.
Mass affordability is a recurrent theme for Visa in our quest to extend digital payments across the country. By enabling installment solutions at the PoS terminal and solving for friction that exists today in-store, we want to drive affordability at checkout and build consumer affinity for digital payments. We are excited about this partnership - the fast, intuitive and seamless nature of this installment solution will make it a preferred solution for Indian shoppers going forward”, said Arvind Ronta, Head of Products, India & South Asia, Visa.
“India’s $1Tn consumption happens in a dynamic, vast & fragmented retail ecosystem fueled by the dreams of millions of merchants, large and small. Bringing installment plans to their point-of-sale using digital payment channels can accelerate their growth, by enabling them to make a difference to the livelihoods and aspirations of their customers. Key towards this is the need for a platform that is exceptionally designed to be scalable, robust, and easy to access. We are excited about partnering with Visa to make it happen,” Rajeev Agrawal, CEO, Innoviti.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
Innoviti Payment Solutions Pvt. Ltd. has been a pioneer in the use of technology to add intelligence to payment transactions, helping extract the full power of digital payments to drive business growth. As consumer centric businesses transform themselves digitally, Innoviti believes that the point of payment will play a pivotal role in connecting merchants to brands and banks, enabling them to discover and deliver new and unique experiences to their common customers. Innoviti’s indigenously developed platform processes over 6.5B$ of offline merchant payments from over 1000+ cities in India, with a volume throughput that is 2X of the country’s average. The company is winner of several awards including Reliance’s Most Promising Growth Consumer Finance Award for its #KuchBhiOnEMI innovation in 2019. The company has several national and international patents filed for its technology with two awarded. Catamaran Ventures, India, SBI Capital, Japan, Bessemer Ventures, USA and FMO, Netherlands are investors in the company.