Innoviti and OneCard Partner to Enable Deeper Financial Inclusion with Offline Payments in India
Bengaluru, 16th January 2023
India’s largest collaborative commerce platform, Innoviti Technologies (formerly, Innoviti Payment Solutions) has partnered with OneCard – a credit card re-imagined for the mobile generation, to enable deeper financial inclusion with offline payments in India.
Innoviti’s technology will help improve the reach of digital payments with OneCards’ more than 600,000 users across the country. Merchants can now offer a better-than-online experience by helping OneCard’s customers to buy anything in the store on zero-cost EMI using Innoviti GENIE and UniPayNext. With over two decades of experience, Innoviti has raked over 9 million+ customers spread across 2000+ cities. This partnership will help bring the needed visibility to merchants who will now be able to reach customers more flexibly.
Prasad Sonavane, Chief Revenue Officer, Innoviti, said, “Innoviti Technologies is happy to announce OneCard as our new partner in the lending ecosystem. OneCard partnership enables us to increase the range of our affordability options we offer to merchants across various segments. They have the right set of qualifying criteria for choosing card members who spend at merchant stores, in segments of interest to us like mobiles, electronics, retail shopping including categories like food, dining, groceries, movies, etc., where Innoviti is a leader. This reinforces our commitment towards being the trusted partner of growth to our merchants and to customers purchasing at our merchant outlets, as being a purchase partner to every Indian with our Collaborative Commerce Platform”.
OneCard, India’s own metal credit card, is loaded with rewards, privileges and best-in-class safety and security features. It is issued across the country by leading Banks, and customers can easily tap-and-pay on all merchant outlets across the country and enjoy a 1% Forex rate when travelling abroad. With zero joining and annual fees, the card provides 5X rewards on the Top 2 spend categories every month. Through this partnership with Innoviti, OneCard’s expansive network of bank partners stands to further the reach of credit lending in India.
OneConsumer Services, which has created OneCard, aims to digitally revolutionize credit and payments in India. Commenting on the partnership, Anurag Sinha, Co-founder & CEO, OneCard, said, “We are delighted to partner with Innoviti Technologies, one of the leading commerce solution providers for merchants in India. Through this partnership, we aim to provide easy and secure offline payment solutions to customers across the length and breadth of the country. As India progresses towards a 5 trillion USD economy, it is imperative to address the credit needs of customers and boost their purchase power through payment solutions like zero cost EMIs. We are hopeful that this partnership will enable customers to enjoy a hassle free shopping experience using our secure, quick and affordable installments through Innoviti’s large merchant base”.
About Innoviti Technologies Pvt. Ltd., Bangalore, India.
Innoviti Technologies (formerly Innoviti Payment Solutions) is India’s largest provider of collaborative commerce solutions to Enterprise merchants with a 76% market share of all purchases being paid for digitally in this segment. Innoviti’s vision is to help people make better purchase decisions by providing better purchase options. The company processes over 10B$ of purchases from over 1000+ cities with a volume throughput per installation that is 2X of the country’s average. Bessemer Venture Partners, USA, FMO, Netherlands, Panthera Growth Partners, Singapore, Alumni Ventures, USA, Catamaran Ventures, and Patni Advisors are investors in the company. The company has 6 patents awarded with 21 more filed. Innoviti is the winner of Mastercard’s Innovation Wizards Award, Reliance’s Most Promising Growth Consumer Finance Award and Deloitte Fastest Growing Companies in Asia award in 2020.
OneCard is a mobile-first credit card created by OneConsumer Services. The founders come from banking backgrounds with deep expertise in payments, credit and building and scaling digital businesses. OneCard is on a mission to re-imagine credit and payments from first principles.