Innoviti Team, Author at Innoviti - Page 2 of 5

Innoviti Team

Ex-Britannia, Ex-Unilever Honcho, Neeraj Chandra joins Innoviti’s Board

Move in line with Innoviti’s aggressive plans of building exceptionally large market opportunities Leading provider of intelligent payment solutions, Innoviti Payment Solutions announced the addition of former Britannia and Unilever senior executive, Mr. Neeraj Chandra, to its Board of Directors as an Independent Director. This position was created as a part of the structuring carried …

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Kotak & Innoviti in Pact to offer EMIs on Kotak Debit Cards Swiped on Innoviti POS Terminals

EMI offering to expand affordability, especially in tier 2/3 cities Mumbai/ Bengaluru, 2nd July, 2020: Kotak Mahindra Bank (Kotak) and Innoviti Payment Solutions today announced that they have collaborated to offer convenient equated monthly installments (EMI) billing options on Kotak Debit Cards swiped on Innoviti POS terminals. Over 10 million Kotak customers now have the option of …

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Innoviti Raises Funds to Fuel Its March Towards Profitability

(Sharp focus on use of technology to design exceptional payment experiences multiplies volumes, revenue, and margins) Series C funding led by FMO: Entrepreneurial Development Bank, Netherlands and Bessemer Venture Partners, USA. Innoviti is designing intelligent payment solutions that help every merchant extract the full power of digital payments, not possible with stand-alone terminals and QR …

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Innoviti’s AI platform Sparcs to provide customers an X-ray view into payment operations

Helping merchants, banks and brands know what they cannot infer from conventional MIS Provider of intelligent payment systems, Innoviti Payment Solutions, announced today the introduction of Sparcs, an AI/ML based platform, that can help customers get an X-ray view into their payment operations being managed by Innoviti. Conventional payment Management Information Systems provide raw and …

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Innoviti introduces Cloud Payment Reconciliation technology to provide single integrated view of wireless instore payments

Targeted for Restaurants where payments happen at the table Bengaluru, March 11th, 2020: Leading payment solutions provider, Innoviti Payment Solutions, announced that after successful pilots, it will now start extending its newly introduced cloud-based reconciliation technology to full-service restaurants, that require payments to be collected at a customer’s table with automatic reconciliation with the bill. For …

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Green shoots of bounce-back showing in Q3 Retail Spends, Steady climb in Digital Payments usage

RAI – Innoviti Retail Payments Insights report sheds new lightBengaluru, March 05, 2020: The Retailers Association of India and Innoviti Payment Solutions unveiled the first volume of their quarterly publication on Retail Payments Insights. The report presents an overview of quarter-wise trends in store sales during the fiscal year 2019-20, in comparison corresponding period of …

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Innoviti unveils its new ‘Exclusive’ range of Android POS terminals equipped with its new “Unbutton” user interface

To help mainline mobile dealers with more walk-ins, more conversions, and more profits. Plans to launch across Karnataka and South India over next few weeks. Leading payment solutions provider, Innoviti Payment Solutions, announced the launch of its new ‘Exclusive’ range of Android OS-based payment terminals, equipped with its patented Unbutton User Interface design. Unbutton literally …

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HDFC Bank & Innoviti tie-up for convenient One-stop UPI & Bharat-QR Solution at Retail POS Terminals

Move designed to help Retailers get compliant with new Regulatory Mandates HDFC Bank and leading payment solutions provider, Innoviti Payment Solutions, announced their new partnership to extend HDFC Bank’s DigiPOS suite of services across Innoviti POS terminals, thereby enabling Innoviti retail merchants to seamlessly process UPI and Bharat QR transactions on their existing POS infrastructure …

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Innoviti introduces new Dual SIM POS Terminals equipped with Self-Healing technology

Designed to de-risk payments at POS from local GPRS and 4G Network Problems Leading payment solutions provider, Innoviti Payment Solutions, announced that after a successful pilot, it will now start extending its newly introduced self-healing technology backed by provision of dual-SIM cards, in a phased manner across its pan-India base of retail POS terminals. The …

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Download Brochure

    Credit card EMI uses your credit card limit to convert your purchase into installments. Suppose you make a purchase for Rs. 9,000 on your credit card and while buying select the credit card EMI option with a tenure of 3 months, then the bank instantly converts your purchase to three installments of Rs. 3,000. In the next credit card cycle, instead of paying Rs. 9000, you will need to pay only Rs. 3,000, and continue paying this for 3 months. A nominal interest or processing fee may be charged depending upon the various schemes running at the merchant.

    If you don't own a credit card and would still prefer paying in instalments, you can use your Debit card to make select purchases on EMI.  Your debit card bank may have qualified you, you can check the bank on the same by sending the following SME message to your bank:

     

    HDFC (Min value is 5 K)

    SMS MYHDFC to 5676712 from your

    Bank registered mobile number, or

    To check your pre-approved eligible limit

    give a missed call to 9643 22 22 22

     

    AXIS (Min value is 5 K)

    SMS DCEMI<Space>XXXX (last 4 digits

    of your debit card number) to 5616100

     

    Federal (Min value is 5 K)

    DC<space>EMI to 5676762 / 9008915353

    or missed call to 7812900900

     

    Kotak (Min value is 8K)

    SMS CDL<space><last 4 digits of your

    Debit Card No> to 5676788

     

    ICICI (Min value is 5 K)

    SMS DCEMI<space><last 4 digits of

    Debit Card number> to 5676766

     

    While making the payment, notify the store executive to swipe your debit card transaction in the EMI mode and select a preferred tenure. The transaction will get approved on your bank as per your qualification and converted into EMI for the number of months selected during the transaction.

    Buy Now Pay Later (BNPL) is like using a credit card or getting a loan and repaying in EMI. The only difference being that it is for an ultra-short duration of 15 days to 60 days.

    Merchant will get the money the next working day from the bank.

    Interest costs depend from case to case. For example, in: Zero cost EMI - Customer doesn't pay the interest cost Bank EMI - Customer pays 12 to 15% interest cost depending upon the bank. Buy now pay later scheme (15 days) - Customer pays around 1.16% interest, again depending upon the banks. Buy now pay later (30 days,60 days and 90 days) - Customer pays 2.33%, again depending upon the banks.

    Processing fee is the amount charged by a credit/ debit card issuer to process your customers loan booking. For example, HDFC Bank charges Rs. 199 as processing fee for both CC and DC EMIs.

    IMEI validation is done by entering the IMEI number into the Innoviti terminal which then gets validated by the brand for an authentic product being sold.

    IMEI validation is done for Brand EMI transactions.

    The offers could be on any brand, product, bank card, being offered on any specific dates or any specific SKUs

    SKU promotions start with the cashier scanning SKU, IMEI/ Serial number from the billing POS and entering the amount in the billing POS and then transacting under the "Brand EMI" tender mode.

    As SKU comes directly from the billing POS via scan, it reduces the errors and manual effort of selection to re-enter/select again from the EDC.

    Joint promotions are offers provided to consumers in which two or more parties are bearing the cost of the offer. It is a highly efficient mechanism to reduce the cost of marketing. Small merchants can benefit by getting their name associated with large banks and brands.

    Innoviti has used payments technology in unconventional ways to bring merchants, banks, and brands together and enable them to run joint promotions for their common consumers.
    Innoviti’s uniPAY Next and GENIE products can run instant cashbacks, EMI, upgrade offers and others with two or more parties bearing the cost of it.

    The MDR, or Merchant Discount Rate, is a fee paid by the merchant to its bank for accepting payments card payments. This is typically calculated as a percentage of the transaction value undertaken through credit/ debit cards.

    Merchants can negotiate with banks for better MDR rates. With greater scale, merchants enjoy better negotiation power. You can also reduce MDR using Innoviti’s sophisticated multi-bank routing technology in uniPAY Next.

    Innoviti's uniPAYNEXT multi-bank routing technology automatically routes every card swipe to the bank that will charge the lowest MDR for it.

    Innoviti’s uniPAYNext technology uses an advanced #LookAhead technology to instantly scan the store and bank networks and identifies the best route from the store to the bank to improve transaction reliability. It optimizes speed, cost & reliability based on merchant pre-set rules to select the bank.

    Mismatches between a merchant's daily sales bank card settlements creates unnecessary manual reconciliation work. Innoviti's uniPAYNEXT technology digitally adds the approval code and approving bank name to the billing system enabling automatic reconciliation.

    The reports can be seen on SPARCS, uniPAYNEXT's reporting portal. This comprises of some very useful information like daily settlement receivables from each acquiring bank, store sales by different card issuers or regions or payment tender modes opening new possibilities for joint marketing programmes.

    UPI stands for Unified Payment Interface (UPI), a technology created by National Payments Corporation of India (NPCI). It allows transfer of money from one bank account to another instantly via one's mobile phone. Innoviti supports UPI payment via any UPI app such as Paytm, GPay, WhatsApp Pay, PhonePe through its terminals. To know more, click here.

    You need a Sodexo card issued by your employer. You can use your Sodexo card to pay for your food & grocery purchase on any Innoviti terminal in your F&G store. To know more, click here.

    Innoviti supports all Visa, Master, Rupay cards, UPI, Sodexo, other meal cards, EMI, Buy Now Pay Later Plans and loyalty point redemption through debit cards of banks supported by Loyalty Rewardz.

    How can I get my shop name added to Innoviti’s advertisements on Google?
    Once you sign-up with Innoviti and your GENIE app is installed, your name will automatically get added to the advertisements. It takes between 4 to 5 days for the name to start appearing.
    How can I get my shop name added to Innoviti’s advertisements in banks?
    Once you sign-up with Innoviti and your GENIE app is installed, your name will automatically get added to the advertisements. It takes between 4 to 5 days for the name to start appearing.
    How does GENIE coupon work? On which banks is it applicable?
    GENIE coupon is an instant discount offered by Innoviti to every consumer whose payment is done on Innoviti’s mobile app by the merchant. Customers need to enter their mobile number in the app, they will instantly receive an OTP through SMS/ WhatsApp, entry of this OTP applies the surprise instant discount on the purchase value immediately.
    Example: If your purchase value was Rs. 10,000, and the coupon value is Rs. 500, then your charge-slip will be approved for Rs. 9,500. You save instantly. The merchant gets the full money.
    It is applicable to credit/ debit card holders of 100+ banks in India.
    Does wallet work on refurbished products?
    Yes. GENIE’s EMI wallet can be used to provide zero-cost EMI on refurbished, second- hand and upgrade plans.
    How can I get access to customers qualified for credit by banks?
    Banks work with aggregators to provide access to these customers. Innoviti is a leading aggregator which can provide you with a terminal that will connect to the bank and provide you access to these cardholders.
    In addition, Innoviti in coordination with the bank will promote your store to all the bank’s customers who are pre-qualified.

    Brand EMIs are joint promotion schemes used by merchants, banks, and brands to incentivize a consumer to buy a higher end-product than what they can afford. The purchase is converted into EMI instantly by the bank, with the interest cost being borne by the product brand.

    Innoviti has partnered with 100+ brands including Apple, Samsung, Vivo, Oppo to extend 1000s of such schemes.

    You need to be pre-qualified by your credit, debit card bank to be eligible for Brand EMI. The bank will typically look at your credit card and savings account history to qualify you.

    Innoviti’s technology instantly checks with the bank if you are qualified to approve your Brand EMI transaction.

    Does wallet work on unbranded products?
    Yes. GENIE’s EMI wallet can be used to provide zero-cost EMI on any unbranded electronics product like headphones, power banks, speakers, etc.
    How does BEAM work?
    BEAM (Brand EMI Acceleration Mission) offer gives merchants the option to get sponsored by one of the leading mobile brands that they represent. Innoviti has tie-ups with brands like Samsung, Oppo, Vivo and Xiaomi. Using BEAM, merchants get 1% extra margins on the sponsored brands and 0.5% extra margins on the rest of the brands