The largest collaborative commerce platform in India, Innoviti Technologies (formerly Innoviti Payment Solutions), has enabled credit card transactions on the Unified Payments Interface (UPI), making it the country’s first SaaS omnichannel platform to leverage credit transactions for both offline and online UPI payments. This is in line with the RBI’s initiative to promote credit growth on UPI.
With this feature of Innoviti, all end users including both customers and merchants will benefit from this market-first move. Now that credit cards are accepted on UPI, customers can easily pay later and gain the additional benefit of reward points, which will make their shopping experience truly exceptional.
The use of UPI for digital payments has now become standard. A record 782 Crores worth of 12.8 Lakh Crores in UPI transactions were made in December 2022. Enabling credit transactions on UPI will not only hasten the expansion of these transactions but will also enhance India’s public digital platform, which serves as the country’s main growth route.
Amrita Malik (Co-Founder & CBO, Innoviti) said, “Technology partnership for us means thinking ahead on behalf of our customers and forecasting the new trends that will govern the commerce space in coming times. Commerce solutions built on UPI are the future for India and RBI’s move to enable Credit Card (CC) on UPI opens a world of possibilities for merchants and consumers.
At Innoviti, we believe in staying ahead of the curve through constant innovation to adapt to changes quickly without causing business disruption. Therefore, preempting these changes, Innoviti has become the first to enable credit on UPI in its omnichannel platform for both online and offline merchants.”