Broaden access to need-based categories and in Tier 2/3 cities
BENGALURU, India, Aug. 5, 2020 /PRNewswire/ --
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.
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."
About Axis Bank Limited
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,528 domestic branches (including extension counters) and 11,971 ATMs across the country as on 30th 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. The company processes over 6.5B$ of offline merchant payments (~5% of India's offline merchant payments volume as per RBI data), from over 1000+ cities with a volume throughput per installation that is 2X of the country's average. Catamaran Ventures, SBI Capital, Bessemer Ventures and FMO are investors in the company. The company has several patents filed for with two awarded. 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.