Innoviti says new ML-based tech is helping improve user experience of Google Pay payments
Payment solutions provider Innoviti on Wednesday said its Machine Learning (ML)-based Path Predictor technology has helped enable Google Pay across its stores. The combination of UPI through Google Pay and Path Predictor has led to volumes climbing to nearly 10 percent for several stores on the Innoviti network.
Rajeev Agarwal, CEO, Innoviti Payment Solutions
In addition to increasing volumes, it has also resulted in nearly a 21 percent repeat monthly usage of Google Pay by consumers for their daily purchases in these stores.
Path Predictor is Innoviti’s patented technology that applies ML to study patterns from millions of transactions that passes through Innoviti. It is then used to create models that select the best way to process a UPI transaction real-time, and provide a better consumer experience, by increasing the success rate of UPI payments.
In a statement, Innoviti said that since the introduction of this technology, over the past three months of Q2 2019, UPI@POS transactions at Innoviti have grown to contribute nearly two percent of Innoviti’s overall transaction processing volume. The company claims to process over Rs 35,000 crore worth of payment transactions in India, annually.
Innoviti has deployed Google Pay across 12,000 points of acceptance including retail chains like Reliance Retail and Vishal Megamart.
Speaking on the development, Rajeev Agrawal, Managing Director and CEO of Innoviti said,
“With rapid increase in payment transactions and increase in the number of payment types, conventional technology approaches are unable to deliver desired consumer experience. The company has been investing in data sciences and machine learning to push the technological edge for our customers to the next level.”
The company said it is hoping to increase the transaction in Google Pay and other UPI-based payment formats in the next few months using Path Predictor.
Commenting on the partnership, Sajith Sivanandan, Business Director of Google Pay India said,
“Our vision is to enable fast, seamless, and secure payments for our users anywhere, anytime. Whether they are paying other users, buying products or services online, or shopping at a retail outlet, the offline ecosystem forms an important part of the objective.”
Until now, Innoviti has raised a total of $35 million in funding from marquee investors such as Catamaran Ventures, SBI-FMO fund, Bessemer Venture Partners, and Trifecta Capital.