Payment solutions provider Innoviti has been on the forefront in delivering differentiated solutions for payments automation, consumer credit distribution and SME lending.
Innoviti, which can process transactions through any channel – be it web, mobile, in-store or at the time of delivery. Currently, Innoviti processes over Rs. 30,000 crore of payment transactions annually including Rs. 1,500 crore of credit.
Innoviti’s CEO Rajeev Agrawal talks about how digital payments in India are likely to witness robust growth in the coming years.
Q. How are digital payments channels changing the way people transact?
A. Adoption of digital payments has seen a surge in the past two years thanks to the relentless drive by the government. However, the impact has been more on increased usage of digital payments by the existing base of digital savvy consumers rather than more consumers adopting digital payments. There are still only about 80 million digitally paying consumers in the country vs say about 800 million consumers using mobile phones.
Q. While non-cash transactions simplify processes and save time and effort, they also make you susceptible to frauds. How can this be addressed?
A. A lot of consumer education is needed to reduce fraud. The number of payment options has exploded with different kinds of workflows. This sometimes confuses the consumer. Education will help in driving safety. The technologies are by and large quite secure.
Q. How has Innoviti's products helped consumers in handling their digital transactions?
A. Innoviti has been focusing on using payment channels to drive higher sales for merchants, brands and banks by getting them to run digital promotions through payment channels. Digital promotions save money for the consumer while helping the marketers reduce the cost of marketing. We have seen a 2X expansion of payment volumes in the past 2 years, and are processing over USD 5 billion worth of payments across various channels such as UPI, Cards, Wallets etc.
Q. The deployment of point of sales (PoS) terminals picked up during financial year 2019. Comment.
A. The increased demand for digital payment options by the consumer is forcing the merchants to also change. This is helping drive the PoS deployment. For the banks it is a way to acquire current accounts of merchants.
Q. What are the new trends to look out for in the Fintech space in 2020?A.
Increased usage of UPI for payments in organized offline merchants, currently this is very low; opening up digital payments in new use cases – kiosks, tolls, billing receipts; usage of digital payment channels to bring together the marketing budgets of brands, banks and merchants, and drive higher marketing ROI.