Broaden access to need-based categories and in Tier 2/3 cities
• 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.
Quotes:
Speaking on the alliance, Sanjeev Moghe, Head – Cards & Payments, Axis Bank said , ‘”Axis Bank has been constantly working towards delivering convenience to the merchant community, through partnership-led models and digital solutions designed specifically to cater their needs. 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 scale up this model in the future.”
Ms. Amrita Malik, Chief Business Officer, Innoviti, said, “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. 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.”
