Innoviti announced that it has entered a partnership with Visa, the leader in payments technology to develop a platform that will enable issuers to extend credit to their cardholders at face-to-face point-of-sale (In India).
According to the Company’s press statement, the partnership will provide shoppers the ability to choose how they pay during the purchase with the introduction of a suite of platform capabilities leveraging Innoviti’s uniPAYNEXT platform and Visa’s APIs. Innoviti and Visa plan to collaborate and pilot a variety of installment use cases as part of this partnership going forward.
The installments platform will help merchants leverage cardholders’ existing relationships with financial institutions to provide installment solutions at the point of sale – through a single API-based integration. This will ultimately help merchants enhance sales, improve customer loyalty and overall cash flow, while offering their shoppers a friction-free payment experience at checkout, Innoviti said in a press note.
Banks will benefit by leveraging this platform to offer installment solution to its cardholders by simplifying current challenges – reconciliation, settlement, dispute management and scheme design flexibility.
The platform will initially be piloted with one bank and enabled for key electronic merchant chains on Innoviti’s platform. It will subsequently be extended to other banks, merchants, and payment service providers through easy to use APIs using which they more use cases can be developed.
“Mass affordability is a recurrent theme for Visa in our quest to extend digital payments across the country. By enabling installment solutions at the PoS terminal and solving for friction that exists today in-store, we want to drive affordability at checkout and build consumer affinity for digital payments. We are excited about this partnership – the fast, intuitive and seamless nature of this installment solution will make it a preferred solution for Indian shoppers going forward,” said Arvind Ronta, Head of Products, India & South Asia, Visa.
“India’s $1Tn consumption happens in a dynamic, vast & fragmented retail ecosystem fueled by the dreams of millions of merchants, large and small. Bringing installment plans to their point-of-sale using digital payment channels can accelerate their growth, by enabling them to make a difference to the livelihoods and aspirations of their customers. Key towards this is the need for a platform that is exceptionally designed to be scalable, robust, and easy to access. We are excited about partnering with Visa to make it happen,” Rajeev Agrawal, CEO, Innoviti.
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