Fintech startup Innoviti-incorporated Machine Learning (ML)-based Path Predictor technology has helped enable Google Pay across its stores, the startup claimed, cited yourstory.
The combination of UPI through Google Pay and Path Predictor has led to volumes climbing to nearly 10 percent for several stores on the Innoviti network.
“With rapid increase in payment transactions and increase in the number of payment types, conventional technology approaches are unable to deliver desired consumer experience. The company has been investing in data sciences and machine learning to push the technological edge for our customers to the next level,” Rajeev Agarwal, managing director and CEO of Innoviti said.
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.
In addition to increasing volumes, it has also resulted in nearly a 21 percent repeat monthly usage of Google Pay by consumers for their daily purchases in these stores.
Path Predictor is Innoviti’s patented technology that applies ML to study patterns from millions of transactions that passes through Innoviti.
The company claims to process over ₹35,000 crore worth of payment transactions in India, annually.
Innoviti claimed that it has deployed Google Pay across 12,000 points of acceptance including retail chains like Reliance Retail and Vishal Megamart.
“Our vision is to enable fast, seamless, and secure payments for our users anywhere, anytime. Whether they are paying other users, buying products or services online, or shopping at a retail outlet, the offline ecosystem forms an important part of the objective,” Sajith Sivananda, business director of Google Pay India said.
The company said it is hoping to increase the transaction in Google Pay and other UPI-based payment formats in the next few months using Path Predictor.
Until now, Innoviti has raised a total of $35 million in funding from marquee investors such as Catamaran Ventures, SBI-FMO fund, Bessemer Venture Partners, and Trifecta Capital.
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