Shoppers Stop and Innoviti partner to pioneer Dual-Display-UPI – a safer and faster UPI payment experience.
22 June 2021
Reaffirms commitment to using advanced technology to enhance customer checkout experience
- Shoppers Stop, the nation’s leading premier retailer of fashion and beauty brands and Innoviti Payment Solutions, India’s largest provider of payment solutions to Enterprise merchants, announced a pioneering concept of Dual-Display-UPI that makes it safer and faster for consumers to pay through UPI while shopping at Shoppers Stop outlets.
- Payments through UPI in multi-lane retail have been slow to take off with less than 4% penetration, as static QRs are hard to reconcile in modern trade and open to amount entry errors by consumers. They also delay checkout due to time taken by consumer to enter amount, and time taken by cashier to validate approval.
- Dual-Display-UPI addresses this by using advanced technology to create a Dynamic QR that carries the payment amount, merchant credentials and a secure transaction token. The Dynamic QR is presented on a large display facing the consumer at the checkout. It also displays any offers that may be running on UPI payments for that transaction. A consumer can scan this QR while the cashier is packing goods. The offer if applicable is automatically applied, with the secure transaction token automatically reconciling the bill straight-through reconciliation. The customer receives the acknowledgement on the display, along with details of offer applied. Parallelizing the customer payment and cashier packing cuts the transaction time of a typical UPI transaction from about ~20 seconds to 10 seconds. The entire experience is touchless with neither the cashier nor customer having to touch the display, minimizing contact surface and interaction time between them. In addition to safety by virtue of being contactless, this feature aims to increase UPI transactions share at Shoppers Stop from the current 4%, further modernizing the checkout while saving time and effort for cashier and customer.
- Innoviti uses payment technology to turn transactions into customer acquisition and retention tools for merchants, bank, and brands, by bringing them on to a common platform to deliver unique customer experiences such as this one. Businesses access each other’s customers, expanding customer base to 3X customers, while at the same time slashing marketing costs to 1/3rd by jointly funding the campaigns. They accelerate sales with unmatched efficiencies. Innoviti had raised a Series C in May 2020 to further its differentiated strategy of servicing the retail market through category and segment specific products, and today leads the Enterprise market with a 76% market share of all payments processed.
Quotes:
“Payments through UPI have accelerated in the past few years due to a) massive marketing by consumer UPI apps and b) convenience for consumers. However, in multi-lane retail static QRs have failed to deliver. With Dual-Display UPI, Innoviti is bringing yet another innovation to organized retail that when combined with marketing promotions can drive a modern, superior, and rewarding checkout experience to consumers. Innoviti is committed to designing advanced technology solutions that can help our merchant, bank, and brand partners acquire and retain consumers faster and easier than possible otherwise. – said Mr. Hemant Taware, Chief Business Officer, Merchant Ecosystem Development, Innoviti.
“Payments through Dual-Display UPI, designed by Innoviti, will immensely benefit Shoppers Stop due to the flexibility, convenience, and security it provides, besides a contactless authentication, leading to faster and safer checkout. Shoppers Stop is dedicated to constantly improving the shopping experience for our customers through such innovations” – said Mr. Karunakaran M, Chief Financial Officer, Shoppers Stop.
About Shoppers Stop Limited
Shoppers Stop Ltd. is the nation’s leading premier retailer of fashion and beauty brands established in 1991. Spread across 84 department stores in 44 Cities, the company also operates premium home concept stores (11 Stores), 127 Specialty Beauty stores of M.A.C, Estée Lauder, Bobbi Brown, Clinique, Smash box, Jo Malone and Arcelia and 23 Airport doors, occupying an area of 4.5 sq. ft. Shoppers Stop is home to one of the country’s longest running and most coveted loyalty program ‘First Citizen’. The company’s one-of-a-kind shopping assistance service, ‘Personal Shopper’ is revolutionizing the way Indians shop, bringing more value, comfort, and convenience to customer experiences. The brands diversified Omni channel offering spans over 800+ recognized and trusted brands across an incomparable range of products that together serve our overarching objective of delivering customer delight.
About Innoviti Technologies Pvt. Ltd., Bangalore, India.
https://innoviti.com/
Innoviti Technologies Pvt. Ltd. is India’s largest provider of payment solutions to Enterprise merchants with a 76% 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 10B$ of merchant payments from over 1000+ cities with a volume throughput per installation that is 2X of the country’s average. Bessemer Venture Partners, USA, FMO, Netherlands and Catamaran Ventures, India 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.