Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
12,018.40-24.8
Stock Analysis, IPO, Mutual Funds, Bonds & More

Innoviti Payments has Rs 20 crore to cash in on new PoS tech

The company has taken a step by introducing EMI Next, a product which enables merchants, brands and lenders to design specific and flexible EMI products for consumers to suit their requirements.

, ET Bureau|
Jul 06, 2018, 08.23 AM IST
0Comments
ET Online
innovoti
The company has enabled EMI as an option on the mobile PoS terminals to convert ecommerce transactions into instant EMIs at the time of delivery.
BENGALURU: Digital payments company Innoviti Payments has invested Rs 20 crore in developing new technology solutions for its point of sales (PoS) terminals business to make it easier to convert purchases into monthly instalments. It has earmarked Rs 10 crore for promotion of this product.

While the option of equated monthly instalments (EMI) at payment terminals is a common feature, the company has taken a step further by introducing EMI Next, a product which enables merchants, brands and lenders to design specific and flexible EMI products for consumers to suit their requirements.

“EMI has been the most popular mode of transaction for consumer durable segment, but with our new advancement we will be taking it to other sectors as well like healthcare, wellness and fitness merchants, education centres, etc.,” said Bikram Bajaj, product head at Innoviti Payments.

Bajaj said that this would help the company enter the Rs 2-lakh crore healthcare and travel market and also help banks look at converting purchases at such merchant outlets into quick loans. The company is hoping to achieve 20% growth overall with these innovations.

Further, the company has enabled EMI as an option on the mobile PoS terminals to convert ecommerce transactions into instant EMIs at the time of delivery. “With the help of better technology we can process transactions within three seconds, enable instant cashbacks and have shown 95% success on card transactions. These features should help us grow faster as well,” said Bajaj.

Also Read

Innoviti Payments raises Rs 80 crore

Fintech firms pose no threat to banks in terms of innovative payments solutions. Read why

Narayana Murthy's Catamaran invests in payment firm Innoviti Payment Solutions

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service