Bengaluru, August 05, 2020.
Axis Bank and Innoviti Payment Solutions announced today their partnership to provide convenient and affordable options of Axis Bank Debit Cards through Innoviti POS terminals. This partnership will offer convenient EMI options to Axis Bank Debit Card holders at over 70,000+ Innoviti POS terminals across 1000+ cities.
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 spends 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 credit which can be repaid in convenient EMIs through their Axis Bank debit card, especially in smaller Tier 2/Tier 3 towns.
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 a deep integration of merchant billing systems with Innoviti’s payment system. Innoviti has been focussing on vertical-specific payments solutions in the healthcare segment and this solution will help consumers access flexible credit options easily.
Processing over 6.5B$ 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 company leads monthly terminal throughput at 7000$ per terminal, 2X of India’s average of all other payment providers (RBI data). 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).
Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, SBI Venture Capital, Singapore, FMO, Netherlands, and Catamaran, India. Series C funding was led by FMO and Bessemer.