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Verifone ties-up with Innoviti for wireless technologies

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CIOL Bureau
New Update

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).






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