Innoviti and Visa Partnered to Develop Installments Platform For Face-to-Face transactions

Innoviti Payment Solutions Pvt. Ltd.(Innoviti) and Visa have partnered to develop an installment platform, which will enable the issuers to extend credit to their cardholders at face-to-face Point of Sale(PoS) in India. The installments platform with the suite of platform capabilities leveraging Innoviti’s uniPAYNEXT platform and Visa’s APIs, provides shoppers the ability to choose how they pay during the purchase.

• As part of this partnership, Innoviti and Visa plan to collaborate and pilot a variety of installment use cases.

Key Info

Initially, the platform will be piloted with one bank and enabled for key electronic merchant chains on Innoviti’s platform. 

It will finally be extended to other banks, merchants, and payment service providers through easy to use APIs, using which they can develop more use cases.

Advantages

For Merchants

i.Through a single API-based integration, the installments platform will enable merchants to leverage the existing relationships of cardholders with financial institutions to provide installment solutions at the PoS.

This will eventually help the merchants to boost their sales, improve customer loyalty and overall cash flow, while providing their shoppers a friction-free payment experience at checkout.

For Banks

By leveraging this platform to offer installment solutions to its cardholders through facilitating current challenges – reconciliation, settlement, dispute management and scheme design flexibility, the banks will be benefited. 

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ii.Yes Bank Limited, an Indian public bank, has joined hands with Delhi-based fintech startup Affordplan, to launch a co-branded healthcare card called ‘Swasth Card’ under Swasth program with the aim to enable families plan and manage their finances for their healthcare needs.

About Innoviti Payment Solutions Pvt. Ltd:
Registered office– Bangalore, Karnataka
Chief Executive Officer(CEO)– Rajeev Agrawal

About Visa:
Headquarters– California, United States
Chairman and CEO– Alfred F. Kelly, Jr.