On July 2, 2020 Kotak Mahindra Bank (Kotak) and Innoviti Payment Solutions Pvt. Ltd. announced that they have collaborated to provide Equated Monthly Installments(EMI) billing options on Kotak Debit Cards which are swiped on Innoviti Point of Sale(POS) terminals.
i.Enables customers to pay for their purchases- The facility will enable about 10 million(1 crore)Kotak customers to pay for their purchases in instalments by using the EMIs on debit cards facility at over 70,000 Innoviti POS terminals across more than 1,000 cities.
- More than half of Innoviti’s POS terminals have been installed in 350 smaller cities and towns in India with a population of less than 2 million.
- This will help consumers especially in tier 2 & 3 cities to access credit conveniently through their Kotak debit cards.
iii.Process– The eligible Kotak customer to complete the purchase and to enable instant loan disbursement has to ask the cashier for the Kotak Debit Card EMI facility, select the preferred EMI tenure and swipe the Kotak debit card on Innoviti’s POS terminal
Note– The EMIs on Debit Cards facility is simple, easy and convenient to use.
About Kotak Mahindra Bank Limited:
Registered Office– Mumbai, Maharashtra
Managing Director & CEO– Uday Kotak
About Innoviti Payment Solutions Pvt. Ltd:
Registered office- Bangalore, Karnataka
CEO– Rajeev Agrawal