Visa has partnered with digital payments company Innoviti to launch a platform that will enable retail customers to convert their card purchases made through point-of-sale devices or QR stickers into equated monthly instalments.
The platform in its first phase is being tested on a pilot basis at select electronics merchant chains. It will subsequently be extended to other banks, merchants, and payment service providers, the company said in a press release on Wednesday.
It will also help merchants leverage cardholders’ existing relationships with financial institutions helping merchants enhance sales, customer loyalty and cash flow, the companies stated.
From a technology standpoint, the platform leverages Innoviti’s hardware with Visa’s application programming interface (API) to also allow customers frictionless checkouts at physical stores while making payments.
“Bringing instalment plans to their point-of-sale using digital payment channels can accelerate their growth, by enabling them to make a difference to the livelihoods and aspirations of their customers,” said Rajeev Agrawal, CEO, Innoviti.
“Key towards this is the need for a platform that is exceptionally designed to be scalable, robust, and easy to access,” Agrawal added.
Meanwhile, Visa, which is one of the leading players in digital payments globally, has been leveraging its existing scale in India launching various innovative products over the past few months through fintech partnerships as part of its initiative to gain share among small merchants.
“Mass affordability is a recurrent theme for Visa in our quest to extend digital payments across the country,” said Arvind Ronta, Head of Products, India & South Asia, Visa.
“By enabling installment solutions at the PoS terminal and solving for friction that exists today in-store, we want to drive affordability at checkout and build consumer affinity for digital payments,” Rohta added.
Leave a Reply