Indian payment solutions company Innoviti has launched a point-of-sale (POS) solution called Saadhan to give B2B businesses a convenient payments package that meets the regulatory requirements of providing UPI and RuPay acceptance, according to a press release. UPI is India’s real-time payments network, and Innoviti wants to help businesses adopt it into their own platforms, as required by the country.
“The new Saadhan POS comes pre-enabled to accept both RuPay debit cards [and] UPI-QR transactions, enabling B2B businesses to accept payments from their business customers through any of these options. All RuPay debit card and UPI transactions on Saadhan POS will have zero charges. The POS will additionally accept Visa and [Mastercard] issued credit and debit cards,” the release said.
The benefit is that businesses will be compliant and able to accept all forms of payment on a single device, which will simplify things on the back end as well. Saadhan POS also comes with all the back-end transaction-acquiring arrangements needed to communicate with banks, allowing it to be activated for the merchant “within 15 minutes, in sharp contrast to existing industry norm of nearly one to two weeks,” the release added.
“Consistent innovation to meet rapidly evolving business needs of our merchant partners is at the very core of Innoviti's DNA. The recent regulatory changes making UPI and RuPay debit acceptance mandatory for specified businesses has created a need amongst our partners for a simple one-stop solution that can be enabled quickly to meet regulatory deadlines. The new Saadhan POS is carefully designed to meet those expectations, and we are delighted with the response it is getting from our retailer partners,” said Amrita Malik, chief business officer of Innoviti.
Innoviti said it processes more than $6.5 billion in payments every year from more than 1,000 cities, with a per-point acceptance rate of $7,000, which is double India’s average.