Croma, India’s first electronics omnichannel electronics retailer from the Tata Group, joins hand with Innoviti Payment Solutions, India’s largest provider of payment solutions to Enterprise merchants to introduce Innoviti’s G.E.N.I.E technology across their stores for enabling zero-cost EMI on any instore product.
The zero-cost EMIs will help consumers access to credit that can be repaid in convenient EMIs without any interest charges. This introduction is aimed to help consumers spend on themselves this festive season and upgrade their devices and accessories on credit by tiding over the cashflow issues due to tough economic conditions caused by the pandemic.
G.E.N.I.E has been rolled out by Innoviti at all Croma outlets across 60+ major cities pan India. With G.E.N.I.E, customers of Croma can now access 3 & 6 months zero-cost EMI on all debit and credit cards across Croma outlets on their purchases of above Rs. 3,000 on credit cards and Rs. 5,000 on debit cards on 2,000+ products in Croma outlets until 31st December 2021. For Example, if a customer buys a gadget for Rs. 30,000 and avails no-cost EMI scheme, they will pay Rs. 5,000 every month for 6 months. During the offer period, Croma expects to see an increase in the current average ticket size by <30%>.
“Shopping during the festive season is an important tradition and we understand how overwhelming this process can be for our consumers. Hence we are increasingly looking for a quick and affordable credit system, so as to make our consumer’s lives easier and guide them in making a wholesome purchase decision, We are excited to introduce Innoviti’s G.E.N.I.E technology across all our stores with zero-cost EMIs on over 2,000 products comprising of mobiles, durables, and accessories. We hope to delight our valued customers this festive season.” said Croma Spokesperson
“At Innoviti, we are always looking at new ways to help our merchant partners leverage more from payments to sell more and delight their consumers while doing so. We are glad to introduce our G.E.N.I.E technology at our esteemed partner, Croma, this festive season especially during the times when offering consumer affordability options is crucial to any merchant business,” said Mr. Hemant Taware, Chief Business Officer, Partner Ecosystem Development, Innoviti. “We believe zero-cost consumer financing offers being enabled by G.E.N.I.E will help Croma sell more while helping their customers conserve cash and access credit at no extra cost,” he added.
Innoviti uses payment technology in unconventional ways to turn payment transactions into customer acquisition and retention tools for merchants, banks, and brands, by bringing them on to a common platform, and helping them deliver unique customer experiences, such as this one. Each business gets access to 3X loyal consumers at 1/3rd the cost, accelerating sales with unmatched efficiencies.
Innoviti had raised a Series C in 2020 to further its differentiated strategy of servicing the retail market through category and segment-specific products.