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

  • 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 Technologies 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).
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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 Technologies Pvt. Ltd., Bengaluru, India.

Innoviti Technologies 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 – https://innoviti.com/