Federal Bank and Innoviti Payment Solutions have joined hands to offer convenient and affordable options of Federal Bank Debit Cards through Innoviti POS terminals. This partnership will be providing convenient EMI options to more than 7.5+ million Federal Bank Debit Card holders at around 70,000+ Innoviti POS terminals across 1000+ cities. This facility will be an add on to EMI options that the Bank already offers on Amazon, Flipkart and POS terminals of Pine Labs.
Traditionally, EMI options were limited to credit cards and primarily used for purchases of durables and mobiles. Due to Covid and the uncertainty, consumers are cautious about their spends and but still need affordable options in essential categories such as healthcare, education and IT (computers and laptops). This new alliance will be helping consumers in accessing credit which can be repaid in convenient EMIs via Federal Bank debit card, especially in smaller Tier 2/Tier 3 towns.
Nilufer Mullanfiroze, Senior Vice President and Head – Retail Assets and Card, Federal Bank said: “Customer centric solutions like Debit Card EMI backed by analytics and technology are enablers for affordability solutions in the current crisis. In line with our guiding principle of being ‘Digital at the fore, human at the core’, we are happy to partner with Innoviti to offer instant EMI on debit cards to our customers. This initiative will provide the convenience of credit to debit card users, in the most convenient manner.”
Amrita Malik, Chief Business Officer, Innoviti 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 for working from home. We are excited about partnering with Federal Bank, to launch the new Debit Card EMI offering which will help consumers in this time of need, while helping merchants grow faster with lesser efforts.”