Shoppers Stop, Innoviti partner for safer & faster UPI payment
By Retail4Growth Team | June 23, 2021
The partnership pioneers the concept of Dual-Display-UPI that makes it safer and faster for consumers to pay through UPI, while shopping at Shoppers Stop outlets.
Leading premier retailer Shoppers Stop and Innoviti Payment Solutions, leading provider of payment solutions to enterprise merchants, have announced the pioneering concept of Dual-Display-UPI that makes it safer and faster for consumers to pay through UPI, while shopping at Shoppers Stop outlets.
Dual-Display-UPI addresses the challenges in UPI payments in multi-lane retail by using advanced technology to create a Dynamic QR that carries the payment amount, merchant credentials and a secure transaction token, says Innoviti. The Dynamic QR is presented on a large display facing the consumer at the checkout. It also displays any offers that may be running on UPI payments for that transaction. A consumer can scan this QR while the cashier is packing goods. The offer if applicable is automatically applied, with the secure transaction token automatically reconciling the bill straight-through reconciliation. The customer receives the acknowledgement on the display, along with details of offer applied. Parallelizing the customer payment and cashier packing cuts the transaction time of a typical UPI transaction from about ~20 seconds to 10 seconds. The entire experience is touchless with neither the cashier nor customer having to touch the display, minimizing contact surface and interaction time between them, informs Innoviti
In addition to safety by virtue of being contactless, this feature aims to increase UPI transactions share at Shoppers Stop from the current 4%, further modernizing the checkout while saving time and effort for cashier and customer.
"Payments through UPI have accelerated in the past few years due to a) massive marketing by consumer UPI apps and b) convenience for consumers. However, in multi-lane retail static QRs have failed to deliver. With Dual-Display UPI, Innoviti is bringing yet another innovation to organized retail that when combined with marketing promotions can drive a modern, superior, and rewarding checkout experience to consumers. Innoviti is committed to designing advanced technology solutions that can help our merchant, bank, and brand partners acquire and retain consumers faster and easier than possible otherwise,” said Hemant Taware, Chief Business Officer, Merchant Ecosystem Development, Innoviti.
"Payments through Dual-Display UPI, designed by Innoviti, will immensely benefit Shoppers Stop due to the flexibility, convenience, and security it provides, besides a contactless authentication, leading to faster and safer checkout. Shoppers Stop is dedicated to constantly improving the shopping experience for our customers through such innovations," said Karunakaran M, Chief Financial Officer, Shoppers Stop.