Designed to de-risk payments at POS from local GPRS and 4G Network Problems
- 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:
“Consistent technological innovation to ultimately eliminate root causes of any transaction failures is an obsession at Innoviti. We are extremely proud of the fact that the reliability metrics for Innoviti POS terminals are widely recognised as best-in-class by the retail industry. The new self-healing technology with dual SIM backup will further strengthen our innovation edge in this crucial domain.”
About Innoviti Payment Solutions Pvt. Ltd., Bangalore, India.
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.