Innoviti Wins 2011 Deloitte Technology Fast 50 Award

Deloitte's Technology Fast 50 is India's pre-eminent technology awards program that ranks India’s 50 fastest-growing technology companies.  Innoviti is proud to announce that it a 2011 winner of this award.  Innoviti would like to thank its customers for giving this opportunity to be of service to them.

Why are consumers increasingly using debit cards at merchant locations?

For the first time in the history of electronic payments in India, debit card transactions at merchant locations in July 2011 were more than credit card transactions.  This means that consumers are increasingly using debit cards for purchases.   

Over the past few months banks have been promoting use of debit cards for two reasons.  Firstly, while commission earned by banks for credit and debit cards is the same, they dont need to fund debit usage resulting in higher margins.  Secondly, increased debit usage leads to the customer maintaining a higher balance in the account, providing higher float to the banks. This is a fundamental change that will sharply identify customers seeking credit and those just needing convenience of cards, impacting the merchant payment industry in the years to come. 

Merchant EMI crosses 100 Cr per month

Active promotion by credit card issuers and merchants has led to merchant EMI crossing 100 crores per month.  Merchant EMI allows consumers to opt for paying for their purchase through EMI on their credit cards in-store.  It helps in increasing conversions and driving ticket sizes higher.  Besides helping merchants and card issuers, merchant EMI is fundamentally driving a consumer behaviour change by increasing usage of credit on credit cards.

News In Brief

Debit spends are growing faster than credit

Latest RBI data shows that debit spends have increased 40% vs. 23% increase in credit spends.  Almost 33% of cards spends are on debit, where no funding is done for consumers.  Technologies such as IMPS can enable debit payments at a flat fee, saving commissions for merchants.

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