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Shoppers Stop and Innoviti partner to pioneer Dual-Display-UPI – a safer and faster UPI payment experience.

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Reaffirms commitment to using advanced technology to enhance customer checkout experience Shoppers Stop, the nation’s leading premier retailer of fashion and beauty brands and Innoviti Payment Solutions, India’s largest provider of payment solutions to Enterprise merchants, announced a pioneering concept of Dual-Display-UPI that makes it safer and faster for consumers to pay through UPI while shopping at …

Shoppers Stop and Innoviti partner to pioneer Dual-Display-UPI – a safer and faster UPI payment experience. Read More »

Innoviti launches G.E.N.I.E, India’s first smart marketing app for local mobile retailers to help them revive business impacted by pandemic, in Telangana and Andhra Pradesh

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Bengaluru, 17th June 2021: Leading provider of Intelligent payment solutions, Innoviti, today announced the launch of G.E.N.I.E, India’s first smart marketing app for local mobile dealers in Telangana and Andhra Pradesh. Keeping the interests of mobile dealer community who has been facing the onslaught of online, especially during the ongoing Covid 19 pandemic – G.E.N.I.E is designed to …

Innoviti launches G.E.N.I.E, India’s first smart marketing app for local mobile retailers to help them revive business impacted by pandemic, in Telangana and Andhra Pradesh Read More »

Innoviti uses low code application platforms (LCAP) to reduce time to market for new products by 67%

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Empowers merchants with sales growth tools, newer consumer offers and business insights in near real-time enabling them with extra sales, extra savings, and extra customers Leading provider of smart payment solutions, Innoviti Payment Solutions stated that by using its low code application platforms (LCAP), the company has built operational efficiencies to reduce time-to-market of new …

Innoviti uses low code application platforms (LCAP) to reduce time to market for new products by 67% Read More »

Ex-Dun & Bradstreet, Ex-American Express executive Prasad Sonavane joins Innoviti as Chief Revenue Officer

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Move designed to build & nurture partnerships to further accelerate Innoviti’s revenue expansion plans Innoviti, a leading provider of smart payment solutions announced a top-deck appointment of Prasad Sonavane as Chief Revenue Officer – Partner Ecosystem Development. An alumnus of Jamnalal Bajaj Institute of Management Studies, Mr. Sonavane comes with 25 years’ experience as an …

Ex-Dun & Bradstreet, Ex-American Express executive Prasad Sonavane joins Innoviti as Chief Revenue Officer Read More »

Innoviti’s GTV Crosses $10 Bn, Net ARR Doubles to $18 Mn

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Enterprise business achieves dominant market share of 76% with operating profits expanding to 25% Innoviti, a leading provider of smart payment solutions announced that in the year 2020-21 its GTV has crossed $10 Bn with net ARR doubling to $18 Mn. The company’s Enterprise business, which provides solutions to leading enterprise merchants in Food, Lifestyle, …

Innoviti’s GTV Crosses $10 Bn, Net ARR Doubles to $18 Mn Read More »

Innoviti launches G.E.N.I.E, India’s first smart marketing platform for mobile dealers in Mysuru

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– 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. Mysuru, 10th Feb 2021: Leading provider of intelligent payment solutions, Innoviti Payment Solutions, today announced the launch of G.E.N.I.E, India’s first smart marketing platform for mainline mobile dealers …

Innoviti launches G.E.N.I.E, India’s first smart marketing platform for mobile dealers in Mysuru Read More »

Ex-Eureka Forbes honcho Manoj Uprit joins Innoviti as Chief Revenue Officer – Channel Sales

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Move designed to expand Innoviti’s footprint in Electronics retail merchants through distribution. Innoviti, a leading provider of intelligent payment solutions, announced the induction of former Eureka Forbes Retail Head as Chief Revenue Office – Channel Sales. An alumnus of Doon International University, Mr. Uprit is a retail industry veteran with 20+ years of diverse experience …

Ex-Eureka Forbes honcho Manoj Uprit joins Innoviti as Chief Revenue Officer – Channel Sales Read More »

Innoviti turns EBITDA Positive as Revenue and Margin Growth Accelerates.

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Sharp focus on category specific product development helps achieve this milestone, a rare achievement amongst fintech companies in India Innoviti, a leading provider of intelligent payment solutions, announced that for the month of September 2020 it has turned EBITDA positive. The company had set a December 2020 timeline for this target and has achieved it …

Innoviti turns EBITDA Positive as Revenue and Margin Growth Accelerates. Read More »

Innoviti Becomes India’s First Payments SaaS Company to Receive Coveted SOC3 Seal of Excellence for Adhering to Trust Services Principles.

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Reaffirms commitment to excellence in adhering to availability and processing integrity of its systems and processes Innoviti announced today that it has been awarded the SOC Compliance Seal (SOC2 and SOC3 reports for uniPAYNEXT application) as per the AICPA’s SSAE 18 standards issued by an independent Third-Party CPA firm (Ernst & Young Associates LLP). This …

Innoviti Becomes India’s First Payments SaaS Company to Receive Coveted SOC3 Seal of Excellence for Adhering to Trust Services Principles. Read More »

Federal Bank & Innoviti tie-up to extend affordability in times of COVID crisis through Debit Card EMI on POS terminals.

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Reaffirms commitment to excellence in adhering to availability and processing integrity of its systems and processes Federal Bank and Innoviti Payment Solutions announced today their partnership to provide convenient and affordable options of Federal Bank Debit Cards through Innoviti POS terminals. This partnership will offer convenient EMI options to over 7.5+ million Federal Bank Debit …

Federal Bank & Innoviti tie-up to extend affordability in times of COVID crisis through Debit Card EMI on POS terminals. Read More »

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Innoviti Payment Solutions Pvt. Ltd. Tower C, 2nd Floor, Diamond District, Old Airport Road, Kodihalli, Bangalore – 560008 Karnataka, India

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    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