India-based Kotak Mahindra Bank has joined forces with Innoviti Payment Solutions to offer equated monthly installments (EMIs) on its debit cards swiped on Innoviti point-of-sale (POS) terminals.
The partnership opens up access to EMIs for over 10 million bank customers in the country.
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Customers can now repay their purchases in installments at over 70,000 Innoviti POS terminals across more than 1000 cities.
Moreover, out of the 1000 cities, Innoviti’s POS machines are installed in 350 smaller cities and towns with less than two million people.
The Bengaluru-based payment solutions provider processes INR524,107 ($7,000) per terminal on a monthly basis across the country.
According to the country’s central bank, this is twice the average of all other payment providers.
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By GlobalDataInnoviti chief business officer Amrita Malik said: “Consumers today will need access to affordable credit to pay for high-value services and goods that are a necessity – such as in healthcare, education and IT products as work from home becomes a way of life.
“We are excited about partnering with Kotak Mahindra Bank to launch the new Debit Card EMI offering, which will help consumers in this time of need while helping merchants grow their businesses faster.”
Kotak Bank customers can access the EMIs on their debit cards by simply asking the retailer for the Kotak Debit Card EMI facility.
Cardholders can select their preferred EMI term and swipe the card on the POS machine to make the payment.
Kotak Mahindra Bank president of consumer assets Ambuj Chandna said: “The power of EMIs on Kotak debit cards is that it provides easy and affordable repayment options to a large set of our customers, giving them the opportunity to break their high-value purchases into installments at no extra cost with just a swipe of their Kotak debit card.”
