New partnership for consumers access to credit
Innoviti Payment Solutions, backed by marquee investors from the United States, Singapore and The Netherlands, is offering credit services through its 70,000+ terminals across 1,000+ cities in India in partnership with Axis Bank.
Backed by investors including Bessemer Venture Partners, USA; SBI Venture Capital, Singapore: FMO of The Netherlands and Catamaran of India, Innoviti is providing convenient and affordable options of Axis Bank Debit Cards through Innoviti POS terminals.
The partnership, announced in Bengaluru on 5 August 2020, assured investors of the huge market potential. Innoviti’s series C funding was led by FMO and Bessemer.
Historically, EMI options have been limited to credit cards and primarily used for purchases in durables and mobiles. In today’s environment, consumers will be cautious about their spending and yet would need affordable options in essential categories such as healthcare, education and IT (computers and laptops).
This new partnership will help consumers access to credit which can be repaid in convenient EMIs through their Axis Bank debit card, especially in smaller Tier 2/Tier 3 towns, said a joint Innoviti+Axis statement.
The proposed solution design has been kept simple to enable rapid take off. A dip of an Axis Bank debit card in Innoviti’s POS will instantly trigger a credit eligibility check. If eligible, the customer just needs to enter their PIN and access the credit in a seamless manner.
The merchant and brands have options to enable product-specific EMI schemes also, through deep integration of merchant billing systems with Innoviti’s payment system.
Innoviti has been focussing on vertical-specific payment solutions in the healthcare segment and this solution will help consumers access flexible credit options easily.
Processing over US$6.5 billion of annualized offline merchant payment volume (~5% of India’s offline merchant volume, based on RBI data), Innoviti is transforming digital payments at scale.
The use of technology to relentlessly drive reliability and automate processes has further fuelled gross margins, making Innoviti the most capital-efficient company in this space (based on publicly available data).
“Consumers today will need access to affordable credit to pay for high-value services and goods that are a necessity – such as in healthcare, education and IT products for working from home,” Amrita Malik, Chief Business Officer of Innoviti announcing the partnership.
“We are excited about partnering with Axis Bank, to launch the new Debit Card EMI offering which will help consumers in this time of need, while helping merchants grow faster with lesser efforts,” said Malik.
“Axis Bank has been constantly working towards delivering convenience to the merchant community, through partnership-led models and digital solutions designed specifically to cater to their needs,” added Sanjeev Moghe, Head – Cards & Payments, Axis Bank of the alliance.
“We’re delighted to partner with Innoviti Payment Solutions to offer Debit EMI on their wide network of merchants. The partnership with Innoviti comes at a time, especially when affordability is crucial and we look forward to scaling up this model in the future,” he announced.
Axis Bank is the third-largest private sector bank in India covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses with 4,528 domestic branches (including extension counters) and 11,971 ATMs across the country as on 30 June 2020.
The network of Axis Bank spreads across 2,559 centers, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.
Innoviti Payment Solutions Pvt Ltd has been a pioneer in the use of technology to add intelligence to payment transactions, helping merchants, banks and brands utilize the full power of digital payments to drive business growth.
Innoviti is the winner of Mastercard’s Innovation Wizards Award for its instant onboarding innovation, and Reliance’s Most Promising Growth Consumer Finance Award for its #KuchBhiOnEMI innovation in 2019. #consumers #banks #fintech #payments #online #digital #credit #transactions #ATMs /fiinews.com
