The Bengaluru-based digital payments company Innoviti Payments has invested Rs 20 crores for the development of new technology solutions for its point of sales (PoS) terminals business.
The company has made this move to make it easier to convert purchases into monthly instalments. It has designated funds amounting to Rs 10 crore for the promotion of this product.
The option of EMI (equated monthly instalments) is quite common these days, the company has also stepped up and launched EMI Next. This product allows the merchants, brands and lenders to design specific and flexible EMI products for consumers to fit their requirements.
“EMI has been the most popular mode of transaction for consumer durable segment, but with our new advancement we will be taking it to other sectors as well like healthcare, wellness and fitness merchants, education centres, etc.,” said Bikram Bajaj, product head of Innoviti Payments.
This would assist the company in entering the healthcare and travel market that is currently valued at Rs 2-lakh crore, said Bajaj. This would also help banks look at converting purchases at merchant outlets into quick loans. The company is expecting to achieve 20% growth with these fresh innovations.
Bajaj said, “With the help of better technology we can process transactions within three seconds, enable instant cashbacks and have shown 95% success on card transactions. These features should help us grow faster as well.” Innoviti Payments has now introduced EMI as an option on the mobile PoS terminals. This would transform the online transactions into instant EMIs at the delivery time.