Innoviti introduces new Dual SIM POS Terminals equipped with Self-Healing technology
11 February 2020
- 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 new technology is designed to de-risk processing of payment transactions made at POS terminals deployed on retail cash counters, from their dependence on reliability of locally available GPRS and 4G networks. Problems with local mobile networks can lead to unwanted transaction processing failures causing customer dissatisfaction and often leading to transaction disputes.
- The new self-healing technology works at both the software and hardware levels to minimize transaction failures. At hardware level the new POS terminals come equipped with two SIM cards which are used to provide SIMs of two different operators. At a software level, if a transaction detects problems with primary SIM connectivity, the self-healing technology immediately kicks in and auto-switches to the other SIM without need for the transaction to be re-initiated (i.e. card to be re-swiped). In pilots carried out over a period of 3 weeks in tough network environments, Innoviti saw a 30% reduction in transaction failure rates.
- Innoviti’s investment in the new self-healing technology is in line with its long standing obsession with reliability and their commitment to customers that they will eliminate root causes behind any payment processing failures even if those failures may be due to external causes like mobile networks used by bank acquirers. A testament to this obsessive focus on ensuring transaction success reliability has seen Innoviti establish itself as a clear market leader on performance metrics with its average POS reliability creating market-benchmarks of 99.6% (vs. industry norm of 92%).
- Across India Innoviti processes over US$ 6.5Bn of payments annually from over 1000+ cities, with a throughput per point of acceptance of 7000$, 2X of India’s average (as per RBI data). Innoviti’s payment solutions help merchants, banks and brands influence commercial transactions happening in offline commerce more efficiently than possible otherwise, through unconventional use of payment terminals.
- Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, SBI Venture Capital, Singapore and Catamaran, India.
Mr. Shivendra Meena, Vice President – Retail Technology, Innoviti:
About Innoviti Payment Solutions Pvt. Ltd:
For more information, please visit – http://www.innoviti.com