Innoviti, India’s largest provider of payment solutions to enterprise merchants is granted a patent on its technology for double debit avoidance in payment systems. The patent aims to address the unreliability of mobile networks. Virtually 100% of mobile and web consumer applications send data over TCP/IP networks. The protocol was used by wired networks. Most modern applications though work on wireless networks, which behave somewhat differently. These applications however use TCP/IP at the network level leading to some unusual situations that are the primary cause of this unreliability. Innoviti’s patent aims to address these situations through a novel application layer technology that rides on the same network layer.
Double debit is a common problem in payments. It is used to describe a scenario where due to network unreliability the customer gets debited for purchase while the merchant does not get credit. The merchant does not hand over the goods, asking the customer to pay again, leading to a double debit for the customer. The customer chases their bank to reverse the first transaction, leading to inconvenience. This problem is one of the biggest contributors to customer grievances with digital payments. The scenario also leads to the erosion of merchants’ confidence in digital payments. Innoviti’s patent provides a technology solution to this.
Innoviti has developed a collaborative commerce platform that enables businesses to partner on payment transactions and turn them into powerful purchase tools that help consumers buy better products and more products. Merchants, banks, and brands come together on Innoviti’s platform to create such purchase tools. The platform is delivered as software applications that run on payment terminals and mobile and web applications, helping the merchants drive more customers, more sales, and more profits than possible otherwise. This technology will further enhance the reliability of Innoviti’s products, providing a virtually zero error system that will help boost the consumer-merchant purchase experience.
“Our patents are a demonstration of the sophisticated technology required to deliver such exceptional experiences. These patents are also a great recognition of the exceptional talent that exists in Innoviti. Further, they not only help us protect our customers against claims by other parties but are also a mechanism for us to deter replication of our technology by competition.”– said Mr. Rajeev Agrawal, CEO, of Innoviti.
Innoviti had raised a Series D round of Rs. 80 Cr. in December 2020, towards fueling the expansion of its mid-market product GENIE. Within the past few months, GENIE has rapidly grown to drive Rs. 1,000 Cr. of annualized GTV that is targeted to grow to Rs. 7000 Cr. over the next twelve months.