Published on July 2nd, 2020
EMI offering to expand affordability, especially in tier 2/3 cities
Mumbai/ Bengaluru, 2nd July, 2020: Kotak Mahindra Bank (Kotak) and Innoviti Payment Solutions today announced that they have collaborated to offer convenient equated monthly installments (EMI) billing options on Kotak Debit Cards swiped on Innoviti POS terminals. Over 10 million Kotak customers now have the option of repaying their purchases in installments by using the EMIs on Debit Cards facility at 70,000+ Innoviti POS terminals across 1000+ cities.
Importantly, with over half of Innoviti’s POS terminals installed in 350 smaller cities and towns in India with a population of less than 2 million, this arrangement will help consumers particularly in tier 2 & 3 cities access credit conveniently through their Kotak debit cards.
Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank said, “Customer convenience and affordability is at the heart of Kotak and Innoviti signing this pact, and it gives me great delight to extend our EMIs on Debit Card offering to a wider network of merchants for the benefit of our debit cardholders. This flexibility on repayments becomes all the more important in these uncertain times. The power of EMIs on Kotak Debit Cards is that it provides easy and affordable repayment options to a large set of our customers, giving them the opportunity to break their high-value purchases into instalments at no extra cost with just a swipe of their Kotak debit card.”
Amrita Malik, Chief Business Officer, Innoviti said, “Consumers today will need access to affordable credit to pay for high value services and goods that are a necessity – such as in healthcare, education and IT products as work from home becomes a way of life. We are excited about partnering with Kotak Mahindra Bank to launch the new Debit Card EMI offering, which will help consumers in this time of need, while helping merchants grow their businesses faster.”
The EMIs on Debit Cards facility is simple, easy and convenient to use. All that an eligible Kotak customer has to do is ask the cashier for the Kotak Debit Card EMI facility, select the preferred EMI tenure and swipe the Kotak debit card on Innoviti’s POS terminal to complete the purchase and enable instant loan disbursement.
Across India, Innoviti leads monthly terminal throughput at US$ 7,000 per terminal, twice the average of all other payment providers (Source: RBI). Innoviti’s payment solutions help merchants go beyond terminals to a digital transformation of their payment operations, helping them grow faster with lesser efforts.
About Kotak Mahindra Bank Limited
Established in 1985, Kotak Mahindra Group is one of India’s leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group’s flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank – Kotak Mahindra Bank Ltd.
The Bank has four Strategic Business Units – Consumer Banking, Corporate Banking, Commercial Banking and Treasury, which cater to retail and corporate customers across urban and rural India. The premise of Kotak Mahindra Group’s business model is concentrated India, diversified financial services. The bold vision that underscores the Group’s growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked. As on 31st March, 2020, Kotak Mahindra Bank Ltd has a national footprint of 1,600 branches and 2,519 ATMs, and branches in GIFT City and DIFC (Dubai).
For more information, please visit the company’s website at https://www.kotak.com/
About Innoviti Payment Solutions Pvt. Ltd.
Innoviti Payment Solutions Pvt. Ltd. has been a pioneer in the use of technology to add intelligence to payment transactions, helping merchants, banks and brands utilize the full power of digital payments to drive business growth. The company processes over 6.5B$ of offline merchant payments (~5% of India’s offline merchant payments volume as per RBI data), from over 1000+ cities with a volume throughput per installation that is 2X of the country’s average. Catamaran Ventures, SBI Capital, Bessemer Ventures and FMO 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 for its instant onboarding innovation, and Reliance’s Most Promising Growth Consumer Finance Award for its #KuchBhiOnEMI innovation in 2019.
For more information, please visit – http://www.innoviti.com