Indian fintech venture Innoviti has forged a partnership with Visa to create a platform that will allow card issuers to offer installment options at point-of-sale (POS) terminals to cardholders.
The partnership will leverage Innoviti’s uniPAYNEXT platform and Visa’s APIs.
The companies y are planning to pilot a variety of installment use cases, starting with one bank and at select merchant locations.
The installment payment service will be later extended to more banks, merchants, and payment service providers (PSPs).
Visa India head of products Arvind Ronta said: “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.”
Indian shoppers will be empowered with various options to choose how they pay while purchasing goods.
For merchants, the partnership will allow them to offer installment solutions at their POS machines through a single API-based integration.
Innoviti CEO Rajeev Agrawal said: “India’s $1trn consumption happens in a dynamic, vast & fragmented retail ecosystem fuelled by the dreams of millions of merchants, large and small.
“Bringing installment 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.
“Key towards this is the need for a platform that is exceptionally designed to be scalable, robust, and easy to access. We are excited about partnering with Visa to make it happen.”