Fintech startup, Innoviti Payments has invested ₹20 crores ($2.9 million) in developing new technology solutions for its point of sales (PoS) terminals business to help customers with easy monthly instalments, as reported by The Economic Times. It has also set aside ₹10 crores for the promotion of the product.
Innoviti Payments, a pioneer in the field of solving real-world payment acceptance problems of merchants, was founded by Rajeev Agarwal in 2002 and is headquartered in Bengaluru.
The startup has introduced EMI next, a fintech product that will help the merchants and other lenders to design customized and flexible EMI products for the individual customers as per their requirements.
Bikram Bajaj, product head at Innoviti Payments said, “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.”.
This will also help the startup to penetrate the healthcare and travel market that is estimated to be worth around 2 lakh crores. Innoviti Payments is expecting a growth of 20% on the account of all the innovations.
The startup also claims to process transactions with three seconds along with quick cashbacks. The success rate on the card transactions is over 95%. It covers over 850 cities across India with a strong network of 11000 retail outlets.
Innoviti also claims to process over $3 million annual transactions from over 50K PoS terminals across India through Unipay. Its products are performing well in the Indian markets and it has also disbursed loans to about 30,000 small merchants across India, through its SME lending platform.
India is home to nearly 500 fintech startups and this sector is predicted to grow past $2.4 billion by 2020, as claimed in a KPMG and NASSCOM report. It is also important to note that majority of the funding recieved in the first quarter of 2018 went to fintech startups.
There a more than a few startups in the fintech sector competing in the digital lending space. Some of them are Rubique, MoneyTap, InstaMojo, Faircent, FTCash, Simpl, etc.