Innoviti Granted Patent on its Technology for Facilitating Credit Transactions from Debit Accounts at Checkout

– Patent portfolio expands to 5, with 25 more in pipeline

1st November 2022

Innoviti is using payment technologies in unconventional ways to solve for increase in cost of acquisition for businesses due to big adtech companies equalizing access to consumers. Innoviti’s collaborative commerce platform provides APIs and applications for businesses to not only accept payments more reliably and seamlessly than possible otherwise, but also to collaborate with other businesses in creating new and unique purchase tools with shared costs, that helps deliver superior ROI on their marketing spends than possible otherwise.


Dividing a bill into installments at checkout is a key purchase tool used by merchants to urge consumers to buy better products and more products. The most popular implementation of this involves using technology to convert a credit card purchase into installment purchase at the point of checkout. Popularly known as credit card EMI, this facility has rapidly gained ground in the past few years, driving more than $6B of purchases annually, both online and offline. However, credit card penetration in India is still low with many consumers preferring debit cards to control expenses. This is evident in the 1:10 ratio of credit to debit cards in India. Innoviti’s patent facilitates credit-based transactions from debit accounts at checkout.


The patent provides a method and system for using a debit account credentials to access a linked credit account system. Further it allows for the installment instructions such as tenure, installment amounts and time intervals for installments to be included in the authorization request to provide a choice of purchase options to the consumer. It further connects authentication through the debit card rails to credit authorization to provide for a seamless checkout experience. The patent opens possibilities for financial institutions and technology providers to embed credit access within savings accounts, increasing not only the channels through which they can originate loans, but also the set of consumers who can access these loans.


Designed keeping the evolving consumer at the heart of it, Innoviti’s platforms have helped enterprise merchants grow same store business by 8% to 12% over a year, with small and mid-market merchants seeing as much as 23% growth. Processing over Rs. 75,000 Cr. of annualized purchase volume, Innoviti’s flagship uniPAYNext platform provides a suite of APIs for enterprise merchants for payment acceptance, reconciliation, co-branded marketing offers and reporting. uniPAYNext commands a dominant market share of 76% in the large enterprise category in grocery, fashion, and healthcare merchants. GENIE, Innoviti’s software application for mid-market electronics merchants provides sales tools that the merchant’s sales staff can use in their own unique ways to close a sale. GENIE has grown rapidly over the past 1 year to now contribute 40% of Innoviti’s revenue. Innoviti has recently released APIs for UPI deeplinking, that enables merchants to integrate with multiple UPI handles through one easy to use API, with straight through reconciliation with their accounts.


Innoviti had raised a Series D round of $46M in July 2022 towards expansion of its API platform and applications to mid-market healthcare, grocery, and other categories.


Innoviti’s highly differentiated product strategy backed by modern enterprise grade technology has not only driven a rapid growth trajectory, but also a highly profitable one with gross margins more than 70%. The company’s enterprise business has been EBITDA positive since October 2020, with the mid-market business fast approaching break-even.


Mr. Shivendra Singh, SVP Technology, Innoviti, said, “Innoviti desires to become the purchase partner to every Indian by helping them make better purchase decisions. We do this by developing sophisticated technology that consumer businesses can use to deliver simple, exceptionally crafted purchase experiences. This is hard, very hard to put together. Our patents are a demonstration of this sophistication.


He added, “These patents are also a great recognition of the exceptional talent that exists in Innoviti and in India. The recent steps taken by the government to recognize the importance of IPR and simplify processes for grant and protection will help us not only protect our customers against claims by other parties but also act as a mechanism for us to deter replication of our technology by competition. Through these patents, in our own small way, we hope to contribute to the “Make in India, For the World” mission. We have 25 more patents in the pipeline and over the next couple of years plan to increase this to a portfolio of 100+ patents.”


About Innoviti Technologies Pvt. Ltd., Bengaluru, India.

Innoviti Technologies Pvt. Ltd. is India’s largest provider of payment solutions to Enterprise merchants with a >70% market share of all payments happening in this segment. It has been a pioneer in using technology to help businesses extract better value from retail transactions than anyone else. The company processes over 8B$ of merchant payments from over 2000+ cities with a volume throughput per installation that is 2X of the country’s average. Bessemer Venture Partners, USA, FMO, Netherlands, Catamaran Ventures, and Patni Advisors are investors in the company. The company has several patents filed for with two awarded. 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. Innoviti is the only Indian payments SaaS company to be awarded the coveted SOC3 seal of excellence for adherence to principles of trust in privacy, security, confidentiality, availability, and processing of transactions.