EMI offering to expand affordability, especially in tier 2/3 cities
BENGALURU and MUMBAI, July 2, 2020 /PRNewswire/ — Kotak Mahindra Bank (Kotak) and Innoviti Payment Solutions today announced that they have collaborated to offer convenient equated monthly installments (EMI) billing options on Kotak Debit Cards swiped on Innoviti POS terminals. Over 10 million Kotak customers now have the option of repaying their purchases in installments by using the EMIs on Debit Cards facility at 70,000+ Innoviti POS terminals across 1,000+ cities.
Importantly, with over half of Innoviti’s POS terminals installed in 350 smaller cities and towns in India with a population of less than 2 million, this arrangement will help consumers particularly in tier 2 & 3 cities access credit conveniently through their Kotak debit cards.
Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank, said, “Customer convenience and affordability is at the heart of Kotak and Innoviti signing this pact, and it gives me great delight to extend our EMIs on Debit Card offering to a wider network of merchants for the benefit of our debit cardholders. This flexibility on repayments becomes all the more important in these uncertain times. The power of EMIs on Kotak Debit Cards is that it provides easy and affordable repayment options to a large set of our customers, giving them the opportunity to break their high-value purchases into instalments at no extra cost with just a swipe of their Kotak debit card.”
Amrita Malik, Chief Business Officer, Innoviti, said, “Consumers today will need access to affordable credit to pay for high value services and goods that are a necessity – such as in healthcare, education and IT products as work from home becomes a way of life. We are excited about partnering with Kotak Mahindra Bank to launch the new Debit Card EMI offering, which will help consumers in this time of need, while helping merchants grow their businesses faster.”
The EMIs on Debit Cards facility is simple, easy and convenient to use. All that an eligible Kotak customer has to do is ask the cashier for the Kotak Debit Card EMI facility, select the preferred EMI tenure and swipe the Kotak debit card on Innoviti’s POS terminal to complete the purchase and enable instant loan disbursement.
Across India, Innoviti leads monthly terminal throughput at US$ 7,000 per terminal, twice the average of all other payment providers (Source: RBI). Innoviti’s payment solutions help merchants go beyond terminals to a digital transformation of their payment operations, helping them grow faster with lesser efforts.
