Innoviti uses ML-based Path Predictor technology to dramatically improve user experience of Google Pay payments on POS terminals at physical stores.

3 July 2019

Seamless experience driven by deep integration with Google Pay resulting in usage surge
  • Leading payment solutions provider, Innoviti Payment Solutions, announced a significant upswing in the volume contribution of the fast-growing UPI payment platform to its overall payment transaction processing in offline retail stores after introduction of ML-based Path Predictor technology. Path Predictor, a patented technology of Innoviti, uses Machine Learning to decipher patterns lying deep within millions of transactions passing through Innoviti to create models that dynamically and in real-time select the best path for a UPI transaction, leading to dramatic change in UPI success rates and a seamless consumer experience.
  • Since introduction of this technology, over the recent 3 months of Q2 2019, UPI@POS transactions at Innoviti have grown to contribute nearly 2% of Innoviti’s overall transaction processing volume.
  • This technology was also used by Innoviti to enable Google Pay across its stores and the combination of UPI through Google Pay and Path Predictor has led to volumes climbing to nearly 10% for several stores. The convenience from this seamless experience is visible with a nearly 21% repeat monthly usage of Google Pay by consumers for their daily purchases in such stores.
  • In offline retail, where card acceptance through POS is a must, the checkout experience using UPI was less than optimal due to high transaction failure rates. With the addition of Path Predictor, Innoviti has crossed this hurdle and looks forward to a multi-fold surge in Google Pay and other UPI-based payment formats in the coming months. Google Pay has been deployed by Innoviti across 12,000 points of acceptance including in large pan-India retail chains like Reliance Retail, Vishal Megamart and others. It is being extended to Innoviti’s entire merchant base in a phased manner.
  • Across India Innoviti processes 5B$ 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 provides payment solutions to merchants doing digital billing, by integrating their billing and payment operations into one seamless flow.

Bangalore, 26th June 2019: Leading payment solutions provider, Innoviti Payment Solutions, announced a significant upswing in the volume contribution of the fast-growing UPI payment platform to its overall payment transaction processing in offline retail stores after introduction of ML-based Path Predictor technology. Path Predictor, a patented technology of Innoviti, uses Machine Learning to decipher patterns lying deep within millions of transactions passing through Innoviti to create models that dynamically and in real-time select the best path for a UPI transaction, leading to dramatic change in UPI success rates and a seamless consumer experience. Since introduction of this technology, over the recent 3 months of Q2 2019, UPI@POS transactions at Innoviti have grown to contribute nearly 2% of Innoviti’s overall transaction processing volume.

This technology was also used by Innoviti to enable Google Pay across its stores and the combination of UPI through Google Pay and Path Predictor has led to volumes climbing to nearly 10% for several stores.The convenience from this seamless experience is visible with a nearly 21% repeat monthly usage of Google Pay by consumers for their daily purchases in such stores.

In offline retail, where card acceptance through POS is a must, the checkout experience using UPI was less than optimal due to high transaction failure rates. With the addition of Path Predictor, Innoviti has crossed this hurdle and looks forward to a multi-fold surge in Google Pay and other UPI-based payment formats in the coming months.Google Pay has been deployed by Innoviti across 12,000 points of acceptance including in large pan-India retail chains like Reliance Retail, Vishal Megamart and others. It is being extended to Innoviti’s entire merchant base in a phased manner.

Across India Innoviti processes USD 5 Billion of payments annually from over 1000+ cities, with a throughput per point of acceptance of USD 7,000, 2X of India’s average (as per RBI data). Innoviti provides payment solutions to merchants doing digital billing, by integrating their billing and payment operations into one seamless flow.

Quotes:

Mr. Sajith Sivanandan, Business Director, Google Pay and NBU, India said,

“Our vision is to enable fast, seamless, and secure payments for our users anywhere, at any time, whether they are paying other users, buying products or services online, or shopping at a retail outlet. The offline ecosystem forms an important part of this objective and we’re excited to partner with Innoviti and facilitate this across the country.”

Mr. Rajeev Agrawal, Managing Director & Chief Executive Officer of Innoviti said,

“We are very excited by the upsurge we are seeing in customer usage of UPI-based payments at physical stores after the rollout of the Path Predictor tool. With rapid increase in payment transactions and increase in number of payment types, conventional technology approaches are unable to deliver desired consumer experience. Innoviti has been investing deeply into data sciences and machine learning to push the technological edge for our customers to the next level. We are delighted that our machine learning strategy couled with superior integration with Google Pay is showing results for our merchants.”

About Google

Google’s mission is to organize the world’s information and make it universally accessible and useful. Through products and platforms like Search, Maps, Gmail, Android, Google Play, Chrome and YouTube, Google plays a meaningful role in the daily lives of billions of people and has become one of the most widely-known companies in the world. Google is a subsidiary of Alphabet Inc.

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 – http://www.innoviti.com

Media Contact:

Sarath Chandra Nerella
Associate Vice President – Marketing Communications
sarath@innoviti.com
Innoviti Payment Solutions Pvt. Ltd.

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    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.

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    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

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    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.

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    How can I get my shop name added to Innoviti’s advertisements on Google?
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    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.
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    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.
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    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.
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    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