BENGALURU, India, Oct. 26, 2021 /PRNewswire/ —
- Innoviti Payment Solutions, India’s largest provider of payment solutions to offline enterprise merchants has won the award for “Best Digital Payments App of the year”, during the 9th Edition of Payments Industry Awards 2021, curated by Kamikaze Media.
- Payments Industry Awards are annual awards provided from Kamikaze, a premium Media enterprise in India. These awards recognize organizations that are driving innovation, delivering value through new solutions and services. The awards celebrate and recognize the excellence and innovation in the Indian Payments Industry.
- The COVID-19 pandemic has triggered a significant move from offline to online, affecting the businesses of local mobile and consumer durable merchants. Consumers have also been impacted with salary cuts, job losses and need affordable EMI plans to buy productivity tools. With G.E.N.I.E, Innoviti aims to revive sales for merchants & fuel growth by attracting more walk-ins for them, more conversions, and more profits, while helping consumers access affordable EMI plans.
- GENIE is India’s first smart marketing app for local mobile dealers, who have been facing the onslaught of online. GENIE is designed to bring online customers back to retail shops.
- G.E.N.I.E. provides three benefits to local mobile dealers to help them fight this impact:
- Extra margin of 0.5% to 1% on every sale of branded mobile phones. This helps them increase profits.
- Provides them with a G.E.N.I.E EMI Wallet that they can use to provide zero-cost EMI on any product to the customer. This helps them convert more sales increasing sales, and
- Provides G.E.N.I.E instant rewards on 110+ bank credit/debit cards that they can use to attract more customers, increasing walk-ins.
- Since its launch in Feb 2021, using GENIE the local mobile dealers have increased their average monthly sales by over 23%. The product has already amassed an impressive market share of over 55% of high-value mainline mobile merchants in the market.
- G.E.N.I.E is the first product for mainline mobile retailers from Innoviti – a leader in enterprise payments across Large Format Retailers. Innoviti uses payment technology in unconventional ways to turn payment transactions into customer acquisition and retention tools for merchants, bank, and brands, by bringing them on to a common platform, and helping them deliver unique customer experiences. Each business gets access to 3X loyal consumers at 1/3rd the cost, accelerating sales with unmatched efficiencies.
- Innoviti processes US$10 Billion of annualized offline merchant payment volume (~ 6% of India’s offline merchant volume, based on RBI data), turning payment transactions into business collaborations by creating software that brings merchants, banks, brands together to create new and unique ways of providing superior experiences to their common consumers.
- Innoviti had raised a Series C in 2020 to further its differentiated strategy of servicing the retail market through category and segment specific products.
Quotes:
“We are delighted to receive ‘The Best Digital Payments App of the Year 2021’ award from Kamikaze Media for G.E.N.I.E. Innovating to find solutions to real-life problems of Indian retail merchants is at the core of Innoviti’s DNA, and it is with this zeal we have innovated G.E.N.I.E, our smart marketing app that is helping mainline mobile dealers fight the onslaught of online. G.E.N.I.E empowers these dealers with superior offers than available anywhere, that are curated in collaboration with banks and brands,” said Mr. Ankur Shukla, Senior Vice President, Product Marketing, Innoviti Payment Solutions Pvt. Ltd. “Receiving this award at such a prestigious forum is a recognition of our efforts to support the spirit of mainline dealers, who are the backbone of India’s trillion-dollar consumption economy,” he added.
About Innoviti Payment Solutions Pvt. Ltd., Bangalore, India.
Innoviti Payment Solutions Pvt. Ltd. is India’s largest provider of payment solutions to Enterprise merchants with a 76% market share of all payments happening in this segment. It has been a pioneer in using technology to help businesses extract better value from retail transactions than anyone else. The company processes over 10B$ of merchant payments from over 1000+ cities with a volume throughput per installation that is 2X of the country’s average. Bessemer Venture Partners, USA, FMO, Netherlands and Catamaran Ventures, India are investors in the company. The company has several patents filed for with two awarded. Innoviti is the winner of Mastercard’s Innovation Wizards Award, Reliance’s Most Promising Growth Consumer Finance Award and Deloitte Fastest Growing Companies in Asia award in 2020. Innoviti is the only Indian payments SaaS company to be awarded the coveted SOC3 seal of excellence for adherence to principles of trust in privacy, security, confidentiality, availability, and processing of transactions.
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