The company has taken a step further by introducing EMI Next, a product which enables merchants, brands and lenders to design specific and flexible EMI products for consumers to suit their requirements.
Digital payments company Innoviti Payments has invested Rs 20 crore in developing new technology solutions for its point of sales (PoS) terminals business to make it easier to convert purchases into monthly instalments. It has earmarked Rs 10 crore for promotion of this product.
While the option of equated monthly instalments (EMI) at payment terminals is a common feature, the company has taken a step further by introducing EMI Next, a product which enables merchants, brands and lenders to design specific and flexible EMI products for consumers to suit 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 at Innoviti Payments.
Bajaj said that this would help the company enter the Rs 2-lakh crore healthcare and travel market and also help banks look at converting purchases at such merchant outlets into quick loans. The company is hoping to achieve 20% growth overall with these innovations.
Further, the company has enabled EMI as an option on the mobile PoS terminals to convert e-commerce transactions into instant EMIs at the time of delivery. “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,” said Bajaj.