Question : Which of the following statement is correct regarding ‘Bank of Baroda’ & ‘Innoviti’ partnership ?
(a) Bank of Baroda Credit Card customers get another unique offering in terms of convenient and affordable EMI options
(b) The Bank of Baroda credit cardholders pan India would be serviced at 70,000+ Innoviti PoS terminals across 1,000+ cities.
(c) BOB Financial Solutions Limited (formerly known as ‘Bobcards Limited’) is a NonBanking Financial Company
(d) All above
Answer : (d)
Related facts
- Bank of Baroda Credit Card customers recently(August 2020) get another unique offering in terms of convenient and affordable EMI options, as BOB Financial Solutions Limited ties up with Innoviti Payment Solutions.
- The Bank of Baroda credit cardholders pan India would be serviced at 70,000+ Innoviti PoS terminals across 1,000+ cities.
Background
- During today’s times of COVID crisis, consumers are cautious about their spending and yet would need affordable options in essential categories such as healthcare, education, IT (computers and laptops), and furniture & kitchen appliances.
- This new partnership will help Bank of Baroda credit card holders’ access to EMIs that can be repaid conveniently through their credit cards.
Procedure
- Customers wanting to opt for EMI, only need to notify the cashier during billing.
- The cashier can convert the payment into EMI over-the-counter on the POS terminal.
- Customers then enter their PIN to access the credit seamlessly right at the cashier point.
BoB financial
- BOB Financial Solutions Limited (formerly known as ‘Bobcards Limited’) was established in the year 1994. It is a NonBanking Financial Company, wholly owned by Bank of Baroda, one of the top banks of India.
Innoviti
The company processes over 6.5B$ of offline merchant payments (~5% of India’s offline merchant payments volume as per RBI data), from over 1000+ cities with a volume throughput per installation that is 2X of the country’s average.
By — Pankaj Pandey.