– Reaffirms Innoviti’s commitment to using advanced technology to enhance customer safety & checkout experience
BENGALURU, India, June 24, 2021 /PRNewswire/ — Innoviti Payment Solutions, India’s largest provider of payment solutions to Enterprise merchants, and PhonePe, India’s largest digital payments platform today announced the pioneering facility of Dual-Display-UPI. This novel feature makes it safer and faster for customers to pay through UPI while shopping at Shoppers Stop’s outlets pan India.
Payments through UPI in multi-lane retail have been slow to take off with less than 4% penetration. Dual-Display-UPI addresses this by using advanced technology to create a Dynamic QR, that carries the payment amount, merchant credentials and a secure transaction token. The Dynamic QR is presented on a large display facing the consumer at the checkout. It also displays any offers that may be running on UPI payments for that transaction. A consumer can scan this QR while the cashier is packing goods. The offer if applicable is automatically applied, with the secure transaction token automatically reconciling the bill straight-through reconciliation. The customer receives the acknowledgement on the display, along with details of offer applied. Parallelizing the customer payment and cashier packing cuts the transaction time of a typical UPI transaction from about ~20 seconds to 10 seconds. The entire experience is touchless with neither the cashier nor customer having to touch the display, minimizing contact surface and interaction time between them. In addition to safety by virtue of being contactless, this feature aims to increase UPI transactions share at Shoppers Stop from the current 4%, further modernizing the checkout while saving time and effort for cashier and customer.
Commenting on the partnership, Mr. Prasad Sonavane, Chief Revenue Officer, Partner Ecosystem Development, Innoviti said, “Payments through UPI have accelerated in the past few years due to convenience, trust and acceptance built by digital payment platforms. However, in multi-lane retail, static QRs have failed to deliver on their promise. With Dual-Display UPI, Innoviti is bringing yet another innovation to organized retail that can be combined with marketing promotions to drive a superior and rewarding checkout experience to consumers. Innoviti is committed to designing advanced technology solutions that can help our merchant, bank, and brand partners acquire and retain consumers faster and easier than otherwise possible.”
Mr. Vivek Lohcheb, VP Offline Business Development, PhonePe said, “We are delighted to partner with Innoviti, a leading payment solutions provider for the retail sector in India. Our partnership will enable safe, convenient and contactless payments for customers of Shoppers Stop and reduce the cost of operations for the retail chain. Customers will not need to spend much time at billing counters with the implementation of Dual-Display-UPI and will benefit from a faster and safer payment experience. We look forward to working with Innoviti to offer this solution to other merchants as well.”
Innoviti uses payment technology to turn transactions into customer acquisition and retention tools for merchants, bank, and brands, by bringing them on to a common platform to deliver unique customer experiences such as this one. Businesses access each other’s customers, expanding customer base to 3X customers, while at the same time slashing marketing costs to 1/3rd by jointly funding the campaigns. They accelerate sales with unmatched efficiencies. Innoviti had raised a Series C in May 2020 to further its differentiated strategy of servicing the retail market through category and segment specific products, and today leads the Enterprise market with a 76% market share of all payments processed.
About Innoviti Payment Solutions
Innoviti Payment Solutions Pvt. Ltd. is India’s largest provider of payment solutions to Enterprise merchants with a 76% market share of all payments happening in this segment. It has been a pioneer in using technology to help businesses extract better value from retail transactions than anyone else. The company processes over 10B$ of merchant payments from over 1000+ cities with a volume throughput per installation that is 2X of the country’s average. Bessemer Venture Partners, USA, FMO, Netherlands and Catamaran Ventures, India are investors in the company. The company has several patents filed for with two awarded. Innoviti is the winner of Mastercard’s Innovation Wizards Award, Reliance’s Most Promising Growth Consumer Finance Award and Deloitte Fastest Growing Companies in Asia award in 2020. Innoviti is the only Indian payments SaaS company to be awarded the coveted SOC3 seal of excellence for adherence to principles of trust in privacy, security, confidentiality, availability, and processing of transactions.
PhonePe is India’s largest digital payments platform with over 300 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe forayed into financial services in 2017 with the launch of Gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic among others. PhonePe also launched its Switch platform in 2018, and today its customers can place orders on over 400 apps including Ola, Swiggy, Myntra, IRCTC, Goibibo, RedBus etc. directly from within the PhonePe mobile app. PhonePe is accepted at over 20 million merchant outlets across 11,000 towns and talukas nationally.
Sarath Chandra Nerella
Associate Vice President – Marketing Communications
Innoviti Payment Solutions Pvt. Ltd.
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