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
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.
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.