Innoviti’s EMI Next Expands Consumer Loans at POS Terminals to Healthcare, Travel Categories - Innoviti

Innoviti’s EMI Next Expands Consumer Loans at POS Terminals to Healthcare, Travel Categories

6 June 2018

  • Leading payment solutions provider, Innoviti announced today the launch of its new EMI Next product to help merchants, card issuers and brands drive an enhanced loan access experience for consumers
  • EMI Next takes scheme design and configuration to the next level by providing a DIY portal called #Flexi-Scheme Designer, to brands, issuers and merchants. Its unique functionality to design SKU-based EMI schemes meets a key need for facilitating loans in education, healthcare and travel segments, thus opening up an over Rs. 195,000 Cr. consumer loans market. Using EMI Next, merchants can design, configure and activate new flexible schemes on their own and see the impact of the same through an advanced reporting system
  • EMI Next also opens up new ways in which POS terminals can be used to deliver loan schemes. Traditionally paper charge-slip printing terminals have been found to be cumbersome for home delivery use cases, preventing enablement of loan schemes in the attractive card-on-delivery e-commerce market segment. EMI Nextis supported on portable paperless mPOS terminals, opening up nearly Rs. 68,000 Cr. consumer loans market in card-on-delivery
  • Additionally, by facilitating instant cashback,EMI Nextaddresses a common issue faced by consumers of uncertainty in getting interest refunds from merchants and brands
  • Running off Innoviti’s next-gen uniPAY Next platform,EMI Next benefits from the market-leading performance track record of uniPAY Next – with faster transaction processing speeds (avg. 3s vs. 7-8s market norm) and higher transaction processing reliability (95% + success rate vs. 85% market norm)
  • Having pioneered the EMI product on retail POS terminals in India, Innoviti has a network of more than 60,000 terminals processing over 24,000 Cr. worth of transactions from 850+ cities in India.

Leading Bangalore-based payments solutions provider, Innoviti Payment Solutions Ltd. today announced the launch of its new EMI Next platform for driving attractive and hassle- free loan experience at the point-of-sale (POS).(Logo: )

EMI Next is designed as the next-gen upgrade to Innoviti’s pioneering EMI product which has a network of 11,000+ retail outlets spread over 850+ cities in India. Working across durables, IT, mobile, furniture and auto categories, EMI transactions comprise nearly 10% of total sales volume for these outlets. Average ticket sizes are Rs.21,000, nearly 3-times the average non-EMI transaction value.

EMI Next enables distribution of loans provided by card issuers and NBFCs (lenders) from non-traditional points such as POS terminals. Designed to support schemes from multiple lenders in one seamless work flow, it allows retail merchants, brands and lenders to design schemes through a D-I-Y portal called #Flexi-Scheme Designer. The product distributes loans of card issuer banks such as HDFC, ICICI, Axis, SBI, HSBC, Standard Chartered, Yes, Kotak, IndusInd, RBL and NBFCs such as Bajaj Finance. Between these lenders more than 98% of the entire credit and EMI card consumer base in India gets covered by the product.

Traditionally POS EMI technologies cannot be applied to segments such as education, healthcare and travel as they cannot be enabled at SKU-level. #Flexi-Scheme Designer enables this, opening the way for lenders and retailers to expand the provision of EMI schemes to these high potential categories with a 195,000 Cr. Market size. It also provides an unparalleled level of flexibility to marketers for configuring interest subvention sharing schemes as a sales promotion tool. They can flexibly structure the sharing of interest subvention between merchants, brands and consumers, including provisions for advance EMI collections where needed.

EMI Next also supports implementation on paper-less POS devices, commonly used in card-on-delivery market segments. These have traditionally been outside the purview of existing EMI schemes. This opens up new markets with potential of more than Rs. 68,000 Cr. EMI on delivery market segment. The new product will run off Innoviti’s latest uniPAY Next platform, which is currently setting new in-market performance benchmarks with respect to transaction processing speeds (avg. 3s vs. 7-8s market norm) and transaction processing reliability (95% + success rate vs. 85% market norm)

“At Innoviti, we take great pride in having pioneered the EMI product on retail POS terminals in India. With the new EMI Next product, we are driving an altogether new level of customer experience for loan access and delivery. A loan product while enabling a better future for the consumer, always has an anxiety associated with its ex ecution. By focusing on this core issue and enabling distribution of loans across more industry segments and new channels, we are confident of driving the next level of growth in the segment,” saids Mr. Bikram Bajaj, Product Head, 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