Broaden access to more categories and Federal Bank consumers
BENGALURU, India, Sept. 1, 2020 /PRNewswire/ —
- Federal Bank and Innoviti Payment Solutions announced today their partnership to provide convenient and affordable options of Federal Bank Debit Cards through Innoviti POS terminals. This partnership will offer convenient EMI options to over 7.5+ million Federal Bank Debit Card holders at over 70,000+ Innoviti POS terminals across 1000+ cities.
- Historically EMI options have been limited to credit cards and primarily used for purchases in durables and mobiles. In today’s environment, consumers will be cautious about their spends and yet would need affordable options in essential categories such as healthcare, education and IT (computers and laptops). This new partnership will help consumers access credit which can be repaid in convenient EMIs through their Federal Bank Debit Card, especially in smaller Tier 2/Tier 3 towns
- The proposed solution design has been kept simple to enable rapid take off. A dip of a Federal Bank Debit Card in Innoviti’s POS will instantly trigger a credit eligibility check. If eligible, the customer just needs to enter their PIN and access the credit in a seamless manner. The merchant and brands have options to enable product specific EMI schemes also, through a deep integration of merchant billing systems with Innoviti’s payment system. Innoviti has been focussing on vertical specific payments solutions in the healthcare segment and this solution will help consumers access flexible credit options easily.
- Processing over 6.5B$ of annualized offline merchant payment volume (~5% of India’s offline merchant volume, based on RBI data), Innoviti is transforming digital payments at scale. The company leads monthly terminal throughput at 7000$ per terminal, 2X of India’s average of all other payment providers (RBI data). The use of technology to relentlessly drive reliability and automate processes has further fuelled gross margins, making Innoviti the most capital-efficient company in this space (based on publicly available data).
- Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, SBI Venture Capital, Singapore, FMO, Netherlands, and Catamaran, India. Series C funding was led by FMO and Bessemer.
Ms. Nilufer Mullanfiroze, Senior Vice President and Head- Retail Assets and Card, Federal Bank:
“Customer centric solutions like Debit Card EMI backed by analytics and technology are enablers for affordability solutions in the current crisis. In line with our guiding principle of being ‘Digital at the fore, human at the core’, we are happy to partner with Innoviti to offer instant EMI on debit cards to our customers. This initiative will provide the convenience of credit to debit card users, in the most convenient manner.”
Ms. Amrita Malik, Chief Business Officer, Innoviti:
“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 for working from home. We are excited about partnering with Federal Bank, to launch the new Debit Card EMI offering which will help consumers in this time of need, while helping merchants grow faster with lesser efforts.”
About Federal Bank
Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of 1,263 branches and 1,937 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 2.76 Lakh Crore as at March 31, 2020 and it has earned a net profit of ₹ 1,543 Crore for FY20. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.35%. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for Non Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.
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 extract the full power of digital payments to drive business growth. As consumer centric businesses transform themselves digitally, Innoviti believes that the point of payment will play a pivotal role in connecting merchants to brands and banks, enabling them to discover and deliver new and unique experiences to their common customers. Innoviti’s indigenously developed platform processes over 6.5B$ of offline merchant payments from over 1000+ cities in India, with a volume throughput that is 2X of the country’s average. The company is winner of several awards including Reliance’s Most Promising Growth Consumer Finance Award for its #KuchBhiOnEMI innovation in 2019. The company has several national and international patents filed for its technology with two awarded. Catamaran Ventures, India, SBI Capital, Japan, Bessemer Ventures, USA and FMO, Netherlands are investors in the company. For more information visit www.innoviti.com, @Innoviti1.
Sarath Chandra Nerella
Associate Vice President – Marketing Communications
Innoviti Payment Solutions Pvt. Ltd.
This story has been sourced from a third party syndicated feed, agencies. Gadget Galiyara accepts no responsibility or liability for its dependability, trustworthiness, reliability, and data of the text. DigitalGaliyara (OPC) Private Limited management reserves the sole right to alter, delete, or remove (without notice). If you have any concerns with the Content, then please write to us at the firstname.lastname@example.org