Priya Padmanabhan
BANGALORE: Following its successful partnership with Bangalore-based
Innoviti Embedded Solutions to develop wireless credit card payment
terminals, Verifone has decided to extend the technology partnership with
Innoviti through a formal tie-up.
According to the terms of the agreement signed a few weeks ago, Verifone will
provide the payment technology platforms to which Innoviti would add its
wireless and embedded technology expertise to provide solutions to the Indian
market.
“Verifone is now adopting a customer-centric approach in the Indian market.
Innoviti will understand the customer requirements and provide tailor made
solutions on top of our existing products,” said VS Nagaraj, country manager,
business development, Verifone, North Asia Ltd.
This would be an India-specific arrangement and Innoviti is the only technology
partner chosen by Verifone in India. The two companies would be targeting
verticals like retail, hospitality, banking and petroleum segments.
Verifone recently introduced portable wireless terminals, which were built on
Innoviti's Payezee platform, in Malaysia, Philippines and Singapore. These
products enable customers especially in restaurants to swipe their credit cards
while sitting at the table. “In the traditional fixed terminal, there is an
increased risk of credit card fraud since the credit card is out of the
customer's sight and all the personal information could be copied in seconds
using skimmers,” said Kaushal Singh, VP, business development, Innoviti.
Nagaraj said that there is an increase in the demand for these terminals from
the hospitality sector in India.
“Merchants are looking to enhance their technology capabilities so that they can
provide better user experience and ensure security during transactions,” he
said.
Innoviti will help in providing software applications in a productized form to
specific verticals. Rajeev Agarwal, CEO, Innoviti, said that there was a demand
from banks to provide hardware dongles which would help merchants with software
updates and information on the latest schemes.
“We are also looking at upgrading software on non-EMV compliant terminals,” said
Agarwal. (EMV is the standard developed by the smart card alliance.Most of the
terminals issued before 2004 are not EMV compliant).
© CyberMedia News
Verifone ties-up with Innoviti for wireless technologies
New Update