Innoviti accelerates POS adoption in small towns with India’s first ‘Same Day, Every Day’ fund transfer feature - Innoviti

Innoviti accelerates POS adoption in small towns with India’s first ‘Same Day, Every Day’ fund transfer feature

21 January 2019

Move designed to address key bottleneck to card acceptance by smaller retailers
  • Innoviti Payment Solutions Ltd. announced the market launch of “Innoviti-POS” – targeted at enabling rapid scale-up of digital payment acceptance through POS amongst smaller retailers in Tier-2 and Tier-3 towns across India.
  • Typically, small town retailers who are new to digital payments see little or no benefit in going digital for their payment acceptance. They perceive an unwanted increase in their cost of business as digital payments are charged processing costs unlike cash.  Further, accepting cash in hand helps them to easily make payments to their own suppliers coming for daily collections, a flexibility they fear will be lost since digital payment settlements are typically not credited the very same day.
  • Innoviti-POS has a unique feature that transfers funds for settlement of digital transactions to the merchant’s account, on the very same day that those transactions are made. Moreover, this same day transfer is guaranteed every single day, i.e. all 365 days of the year irrespective of any weekend, public or Bank holidays. Since cash collecting merchants cannot deposit their daily cash proceeds into banks on bank holidays, they are not able to use it to reduce the interest against overdrafts they may have taken.  By enabling 365-day same day fund transfer, Innoviti-POS allows them to save considerably on their business overdraft interest cost.  For a merchant with an overdraft of Rs. 100,000, the merchant can save up to Rs. 10,000 per year through Innoviti-POS.
  • Innoviti-POS has already been piloted across 7 small towns with population between 5 to 15 lakhs and relatively lower digital penetration. About 700 merchants have currently been piloted with more than 15% of their business going digital.

Bangalore-based leading payments company, Innoviti Payment Solutions announced the market launch of its innovative Innoviti-POS card payment acceptance solution targeted at accelerating the adoption of POS-based digital payment acceptance amongst small town retailers.  A multi-pronged distribution strategy has been piloted in 7 Tier -2/3 cities including Jaipur, Jammu, Ambala, Dehradun, Surat, Nagpur and Indore.

Less than 10% of India’s retail payments are currently digital, despite the short-term boost in POS installations post the currency demonetization exercise in November 2016.  On one hand the merchants don’t see any clear benefits and feel their cost of doing business goes up by 1-2% (due to applicable Merchant Discount Rate (MDR) processing fees).  On the other hand, they perceive an unwanted loss of flexibility in not being able to immediately use their daily sales proceeds from transactions on a given day, as typically settlement of digital transactions happens on the next bank working day, which can be even 2-3 days later in case of intervening holidays.

Designed specifically to ease the transition from cash-to-cards for such first-time card accepting merchants, the Innoviti-POS solution hits these problems at their core.  Firstly, the product transfers funds for all transactions done on a day till 6 p.m. on the same day at 8 p.m.  The retailer can therefore withdraw his day’s sales proceeds as cash from an ATM or use it to issue cheques on the very same day.

Moreover, Innoviti-POS assures this same day settlement on all 365-days of the years irrespective of bank holidays. This settlement on bank holidays helps them save valuable interest on any bank overdrafts taken by the retailer for managing the working capital for their business.  Retailers reduce overdraft interest by depositing their daily excess earnings everyday into their bank current account. If their earning is in cash, they cannot deposit the same on bank holidays.  However, if the earning is through Innoviti-POS, that is directly deposited into their current account, thereby reducing the outstanding overdraft and therefore interest outgo.

There are ~120 bank holidays in a year, corresponding to weekends, festivals and other public holidays.  Interestingly these are the very days that the retailer does maximum business too.  This nearly 1/3rd of the whole year corresponds to almost 50% of the retailer’s business. Since they cannot deposit cash on these days, the interest outgo from these days for a Rs. 1,00,000 overdraft can amount to almost Rs. 10,000 in a year.  This constitutes a substantial potential business cost saving for the retailer by using Innoviti-POS.

To deliver this paradigm shift for Indian retail market, the Innoviti-POS package also relieves the merchant of the need to open new current accounts to receive card settlements, as he can simply route them to any of his existing bank accounts.

These unique benefits, which they cannot get from cash or any other POS system, has attracted over 700 merchants in the pilot to adopt Innoviti-POS and start migrating their business from cash to card.  Innoviti will now be commercially launching this product across the country.


Small town merchants till now have only seen the cost side of accepting digital payments and increased hassles.  With Innoviti-POS, they are being exposed to the real power of digital technology, where their hard-earned money can earn more money for them. We strongly believe our same day, every day fund transfer technology will help new merchants enter card acceptance with an experience that is as good, if not better than cash. This has the potential to be the key to plugging the currently yawning supply-demand gap in terms of POS infrastructure in India retail.”– said Mr. Rajeev Agrawal, CEO, Innoviti.

About Innoviti Payment Solutions Pvt. Ltd:

Innoviti Payment Solutions runs a payment platform that has a unique ability to add intelligence to traditional payment channels, enhancing their value. Merchants, brands and financial service providers use these intelligent payment channels to reduce cost and drive sales of their products. Innoviti processes over Rs. 40,000 Cr. of payment transactions, about 6% of all offline merchant payment transactions in India. This also includes Rs. 1.500 Cr. of transactions involving distribution of loans to consumers and small businesses. The most capital efficient company in this space, Innoviti processes more volume for every $ raised than any other payments company. The company is backed by marquee investors such as Catamaran Ventures, SBI Venture Capital and Bessemer Venture Partners.

For more information, please visit –

Media Contact:

Sarath Chandra Nerella
Associate Vice President – Marketing Communications
Innoviti Payment Solutions Pvt. Ltd.

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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