Innoviti’s EMI Next expands Consumer Loans at POS terminals to Healthcare, Travel categories

Innoviti Payment Solutions Ltd. announced the launch of its new EMI Next platform for driving attractive and hassle-free loan experience at the point-of-sale (POS).

EMI Next is designed as the next-gen upgrade to Innoviti’s pioneering EMI product which has a network of 11,000+ retail outlets spread over 850+ cities in India. Working across durables, IT, mobile, furniture and auto categories, EMI transactions comprise nearly 10% of total sales volume for these outlets. Average ticket sizes are Rs.21,000, nearly 3-times the average non-EMI transaction value.

EMI Next enables distribution of loans provided by card issuers and NBFCs (lenders) from non-traditional points such as POS terminals. Designed to support schemes from multiple lenders in one seamless work flow, it allows retail merchants, brands and lenders to design schemes through a D-I-Y portal called #Flexi-Scheme Designer. The product distributes loans of card issuer banks such as HDFC, ICICI, Axis, SBI, HSBC, Standard Chartered, Yes, Kotak, IndusInd, RBL and NBFCs such as Bajaj Finance. Between these lenders more than 98% of the entire credit and EMI card consumer base in India gets covered by the product.

Traditionally POS EMI technologies cannot be applied to segments such as education, healthcare and travel as they cannot be enabled at SKU-level. #Flexi-Scheme Designer enables this, opening the way for lenders and retailers to expand the provision of EMI schemes to these high potential categories with a 195,000 Cr. Market size. It also provides an unparalleled level of flexibility to marketers for configuring interest subvention sharing schemes as a sales promotion tool. They can flexibly structure the sharing of interest subvention between merchants, brands and consumers, including provisions for advance EMI collections where needed.

EMI Next also supports implementation on paper-less POS devices, commonly used in card-on-delivery market segments. These have traditionally been outside the purview of existing EMI schemes. This opens up new markets with potential of more than Rs. 68,000 Cr. EMI on delivery market segment. The new product will run off Innoviti’s latest uniPAY Next platform, which is currently setting new in-market performance benchmarks with respect to transaction processing speeds (avg. 3s vs. 7-8 s market norm) and transaction processing reliability (95% + success rate vs. 85% market norm)

“At Innoviti, we take great pride in having pioneered the EMI product on retail POS terminals in India. With the new EMI Next product, we are driving an altogether new level of customer experience for loan access and delivery. A loan product while enabling a better future for the consumer, always has an anxiety associated with its execution. By focusing on this core issue and enabling distribution of loans across more industry segments and new channels, we are confident of driving the next level of growth in the segment. ”– said Mr. Bikram Bajaj, Product Head, Innoviti.