BANGALORE, February 19, 2016 /PRNewswire/ --
- Innoviti and Orpak Will be Driving India's Largest Payment Automation Project at BPCL, Covering 50% of BPCL's Outlets for Acceptance of Cashless Payments
- Under This Program 6500 Outlets of BPCL (Almost 50% of Their Retail Base) Will be Automated for Payment Acceptance, the Single Largest Payment Automation Project in the Country
- Innoviti had Raised Rs. 30 Cr. in Series B Funding Earlier This Year From Catamaran Ventures and New India Investment Corporation, Canada
Innoviti Payment Solutions and Orpak, announced today a partnership to drive India's largest payment automation project at BPCL. Under this project, 6500 outlets of BPCL (almost 50% of BPCL's retail base) will be automated using Innoviti's payments platform uniPAY, closely integrated with Orpak's fuel automation system. The technology will be running off over 20,000 payment terminals spread across the country.
There are more than 30 million customers that visit 13,000 outlets of BPCL daily as per BPCL Annual Report, 2014-15. Based on industry data, while more than Rs 7,000 crores of payments happen through cards at these outlets, it constitutes less than 5% of overall fuel retail sales of BPCL. Increasing cashless acceptance helps the customer, outlet and the petroleum company create opportunities for increasing sales and drive cashless acceptance in the country. Even the Government of India has recently recommended steps to incentivize e-payments at retail outlets through a draft Cabinet note submitted by the Ministry of Finance.
Innoviti and Orpak have partnered to deliver a unique solution to BPCL using Innoviti's uniPAY payments platform. This helps provide an end-to-end integration for BPCL, from fueling to payment cycle. The solution enhances customer experience by cutting down the payment time and bringing payment acceptance from back office to forecourt. The improvement in attendant productivity and an end-to-end integration provides BPCL with a full control on the outlet level operations for better control. The platform also allows BPCL to seamlessly add new payment options and provides them with customer insights that helps them increase sales.
uniPAY is India's only omni-channel payments platform that allows a business to accept payments through all consumer channels. These could be online, offline, mobile or delivery. The solution capabilities also open up unlimited possibilities for BPCL to explore innovative new payment options to further differentiate their services. Through this solution, BPCL has clearly emerged as the leader in applying payment automation to fuel retail.
Innoviti had earlier closed its Series B round of fund of Rs. 30 crores from Catamaran Ventures and New India Investment Corporation. The company has since actively applied the funds for marketing, product development and enhancing the overall payments infrastructure. Innoviti has added several new features to its product line while enhancing the core processing engine multifold to address processing of up to 10 million transactions a day across multiple channels. The BPCL project clearly positions Innoviti and Orpak as the leaders in fuel payment automation.
"We are very happy to be enabling this solution for BPCL in partnership with Innoviti. BPCL needed a superior solution with state-of-the art features. Our solution helps them in improving the overall customer experience at the retail outlet while providing insights into the customer buying behavior that can help BPCL drive higher efficiency and enhance sales. We believe the leadership taken by BPCL with this solution will set the trend for cashless acceptance at petroleum outlets," said Mr. Dharmesh Joshi, Managing Director, Orpak.
"We believe that the leadership taken by BPCL in adopting superior payment platforms for delivering best-in-class customer experience will change the way cashless acceptance happens in fuel retail. We are proud to be working with Orpak and BPCL on this project. We have been pioneers in solving real-world payment acceptance problems and this is yet another example of the superiority of our platform," said Mr. Rajeev Agrawal, CEO, Innoviti.
About Innoviti Payment Solutions Pvt. Ltd.
Innoviti Payment Solutions Pvt. Ltd. (formerly Innoviti Embedded Solutions Pvt. Ltd.) has been a pioneer in the use of technology to solve real-world payment acceptance problems of merchants. Using its indigenous payments platform uniPAY, Innnoviti has delivered differentiated solutions for payments automation, consumer credit distribution and SME lending that have become a benchmark in their markets. Innoviti processes over Rs. 10,000 Cr. of payment transactions annually including Rs. 1000 Cr. of credit. It is #1 in the segment of SME lending processing over Rs 400 Cr. per year. uniPAY is India's only omni-channel payment platform. The company has won Deloitte Asia Pacific award three years in a row and Red Herring Asia award twice. The company has been backed by marquee investors such as Titan Company (JV between Tata Group and TIDCO), Catamaran Ventures and New India Investment Corporation.
For more information, visit http://www.innoviti.com
Sarath Chandra Nerella
SOURCE Innoviti Payment Solutions Pvt. Ltd.