India-based Axis Bank has joined forces with Innoviti Payment Solutions to offer equated monthly installment (EMI) options on its debit cards swiped on Innoviti point-of-sale (POS) terminals.
The partnership opens up access to credit for Axis Bank debit card customers in the country.
Cardholders can repay their purchases in broadened EMI options at over 70,000 Innoviti POS terminals across more than 1000 cities, especially in smaller Tier 2 or Tier 3 towns of India.
The Bengaluru-based payment solutions provider processes INR524,597 ($7,000) per terminal on a monthly basis across the country.
According to the country’s central bank, this is twice the average of all other payment providers
Innoviti chief business officer Amrita Malik 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 for working from home.
“We are excited about partnering with Axis Bank, to launch the new Debit Card EMI offering which will help consumers in this time of need, while helping merchants grow faster with lesser efforts.”
Once bank customers swipe their Axis Bank debit cards at Innoviti POS terminals, the machine will instantly provide a credit eligibility check.
Eligible customers can enter their PIN and access the credit.
The partnership also allows merchants and brands to set up product-specific EMI options.
Commenting on the partnership, Axis Bank head of cards & payments Sanjeev Moghe said: “We are delighted to partner with Innoviti Payment Solutions to offer Debit EMI on their wide network of merchants.
“The partnership with Innoviti comes at a time especially when affordability is crucial and we look forward to scaling up this model in the future.”
Last month, Kotak Mahindra Bank also forged a debit card EMI deal with Innoviti.