Innoviti Payments has partnered with Visa to develop a platform to extend credit to cardholders while making over-the-counter purchases, the digital payments company has said.
This will allow shoppers to pay via credit when they use their Visa cards at merchant locations that use Innoviti’s payment solutions.
“Bringing instalment plans to their point-of-sale using digital payment channels can accelerate their (merchants) growth…key towards this is the need for a platform that is exceptionally designed to be scalable, robust, and easy to access,” Innoviti Payments chief executive officer Rajeev Agrawal said.
The platform will help merchants leverage cardholders’ relationships with financial institutions to offer instalments at the point of sale. It will simplify everything around reconciliation, settlement, dispute management and scheme design flexibility.
The platform will initially be piloted with one bank and enabled for key electronic merchant chains on Innoviti’s platform. It will subsequently be extended to other banks, merchants, and payment service providers, Innoviti said.