{"id":2277,"date":"2022-06-14T14:52:37","date_gmt":"2022-06-14T09:22:37","guid":{"rendered":"https:\/\/innoviti.com\/?p=2277"},"modified":"2023-09-13T12:52:14","modified_gmt":"2023-09-13T07:22:14","slug":"innoviti-powers-visa-to-enable-deeper-financial-inclusion-with-offline-payments-in-india","status":"publish","type":"post","link":"https:\/\/innoviti.com\/media\/innoviti-powers-visa-to-enable-deeper-financial-inclusion-with-offline-payments-in-india\/","title":{"rendered":"Innoviti powers Visa to enable deeper financial inclusion with offline payments in India"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2277\" class=\"elementor elementor-2277\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0dd026d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0dd026d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4cf6247\" data-id=\"4cf6247\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-45b008e elementor-widget elementor-widget-text-editor\" data-id=\"45b008e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.14.0 - 26-06-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p class=\"text-center\"><small> Reaffirms Innoviti\u2019s commitment to contribute technologically towards building a cashless India <\/small><\/p>\n<\/div>\n<div class=\"col-md-12\">\n<ul>\n<li>Visa (NYSE: V), the global leader in digital payments and Innoviti Payment Solutions, India\u2019s largest provider of payment solutions to offline enterprise merchants have partnered to drive a Proof of Concept (POC) for offline payments in India. The POC has been executed by Innoviti in Bengaluru in partnership with Yes Bank and Axis Bank.<\/li>\n<li>A first in India, the offline payments technology will help improve reach of digital payments into small towns\/ rural and remote areas and reduce dependency on internet for payments acceptance via chip-based Visa debit, credit, and prepaid cards even in places with low or no internet connectivity. This solution is aimed to contribute towards creating greater financial inclusion across rural, urban, and remote areas.<\/li>\n<li>India faces a major challenge in terms of last-mile internet connectivity. Due to these infrastructural limitations and the resultant inconvenience, there are gaps in adoption of digital payments across smaller towns and rural pockets of the country. This is where the offline payments technology initiative is expected to bridge these gaps and help the merchants and consumers in these pockets benefit immensely by adopting digital payments, especially for micro-payments.<\/li>\n<li>The offline payments technology is in-line with the government\u2019s vision of enabling greater financial inclusion. With the deep penetration that debit cards have across India, offline payments using Visa cards is expected to facilitate transition of payments from cash to digital. Visa cardholders may soon get to request their bank for a fresh card that enables this solution.<\/li>\n<li>The chip in this new Visa debit card will hold a stored value of a daily spend limit of INR 2,000 and have a per transaction limit of INR 200, which are the limits mandated by the RBI currently. This is akin to having a wallet with an amount preloaded into it. In the event of insufficient balance, the transaction will be declined, making this proposition conducive for cardholders as well as merchants. Merchants also stand to gain revenue from reduced friction and risk of payment failures. Visa\u2019s solution is the first of its kind and equipped to enter the Indian market.<\/li>\n<li>Innoviti processes US$10 Billion of annualized offline merchant payment volume (~ 6% of India\u2019s offline merchant volume, based on RBI data), turning payment transactions into business collaborations by creating software that brings merchants, banks, brands together to create new and unique ways of providing superior experiences to their common consumers.<\/li>\n<li>Innoviti uses payment technology in unconventional ways to turn payment transactions into customer acquisition and retention tools for merchants, bank, and brands, by bringing them on to a common platform, and helping them deliver unique customer experiences, such as this one. Each business gets access to 3X loyal consumers at 1\/3rd the cost, accelerating sales with unmatched efficiencies.<\/li>\n<li>Innoviti had raised a Series C in 2020 to further its differentiated strategy of servicing the retail market through category and segment specific products.<\/li>\n<\/ul>\n<h2 class=\"h5\">Quotes:<\/h2>\n<p><i> \u201cThe pandemic\u2019s unprecedented impact has spurred significant movement in the digital payments ecosystem. With the RBI\u2019s cognizance of low and no connectivity being major impediments to financial inclusion, offline payments have emerged as an innovative and low-cost solution, where internet connectivity and failed transactions are top concerns of consumers and merchants. Visa aims to change the way we pay, and this POC is going to do just that. We also aim to work with more issuers to scale this solution across banks and their cardholders,\u201d said T.R. Ramachandran, Group Country Manager, India and South Asia, Visa. <\/i><\/p>\n<p><i> \u201cLack of Internet connectivity have limited the democratization of digital payment acceptance in the country, as all existing payment technologies need real-time connectivity for authentication and authorization. Transaction failures arising from low quality connectivity impact consumer and merchant confidence, further impeding digital payment acceptance. Offline payments are a fast, reliable, and low-cost way of solving this problem that can change the way payments happen. We are excited about partnering with Visa, Yes Bank and Axis Bank in this pilot,\u201d said Rajeev Agrawal, MD &amp; CEO, Innoviti Payment Solutions, India. <\/i><\/p>\n<br\/>\n<h2 class=\"h5\">About Innoviti Technologies Pvt. Ltd., Bangalore, India.<\/h2>\n<h2 class=\"h5\"><a href=\"https:\/\/innoviti.com\/\"> https:\/\/innoviti.com\/ <\/a><\/h2>\n<p>Innoviti Technologies Pvt. Ltd. is India\u2019s 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\u2019s 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\u2019s Innovation Wizards Award, Reliance\u2019s 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.<\/p>\n<br\/>\n<h2 class=\"h5\">About Visa Inc.<\/h2>\n<p>Visa is the world\u2019s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network \u2013 enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company\u2019s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device. As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information visit <a href=\"https:\/\/usa.visa.com\/about-visa.html\" rel=\"nofollow\">usa.visa.com\/about-visa.html, usa.visa.com\/visa-everywhere\/blog.html<\/a> and <a href=\"https:\/\/usa.visa.com\/visa-everywhere\/blog.html\">@VisaNews.<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Reaffirms Innoviti\u2019s commitment to contribute technologically towards building a cashless India Visa (NYSE: V), the global leader in digital payments and Innoviti Payment Solutions, India\u2019s largest provider of payment solutions to offline enterprise merchants have partnered to drive a Proof of Concept (POC) for offline payments in India. The POC has been executed by Innoviti [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[8],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Innoviti powers Visa to drive offline payments in Indian market<\/title>\n<meta name=\"description\" content=\"Innoviti reaffirms its commitment to contribute technologically towards building a cashless India, by powering Visa to eable deeper financial inclusion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/innoviti.com\/media\/innoviti-powers-visa-to-enable-deeper-financial-inclusion-with-offline-payments-in-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Innoviti powers Visa to drive offline payments in Indian market\" \/>\n<meta property=\"og:description\" content=\"Innoviti reaffirms its commitment to contribute technologically towards building a cashless India, by powering Visa to eable deeper financial inclusion\" \/>\n<meta property=\"og:url\" content=\"https:\/\/innoviti.com\/media\/innoviti-powers-visa-to-enable-deeper-financial-inclusion-with-offline-payments-in-india\/\" \/>\n<meta property=\"og:site_name\" content=\"Innoviti\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-14T09:22:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T07:22:14+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"innoviti.team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/innoviti.com\/#website\",\"url\":\"https:\/\/innoviti.com\/\",\"name\":\"Innoviti\",\"description\":\"Innoviti Technologies Pvt. 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