PALO ALTO, Calif.–(BUSINESS WIRE)–July 31, 2019–
Future Group, one of the world’s leading retail conglomerates, and its commerce payments affiliate LivQuik, have partnered with Poynt, the world’s leading open commerce platform, to mass deploy smart POS solutions across India.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190731005348/en/
Poynt’s POS platform will be distributed through Future Groups retail chains in over 440 cities and towns across India, so this partnership will play a major role in the future of commerce in the country’s complex and diverse growing economy. (Photo: Business Wire)
The Poynt Platform, comprised of Poynt’s Smart Terminals, Poynt OS (a powerful Android-based Operating System) and Poynt Cloud (a set of cloud-enabled management tools), provides an application ecosystem that empowers merchants to grow their businesses with better inventory management, supply chain integration, and loyalty programs. For consumers, it will provide a fast and secure checkout process using their payment method of choice.
Poynt and Future Group, through its payments entity LivQuik, will form a joint venture, SabPe, a full-service omnichannel payments technology platform for merchants, banks, and other acquirers in India. Based in Mumbai, SabPe will enable acceptance of both traditional and emerging payment methods and provide access to curated business applications and support for merchants across India.
“Digital and physical interfaces are seamlessly merging and the payments infrastructure is a focal point for this seamless convergence. Poynt’s cutting edge commerce platform transforms the billing or POS terminal into a smart device that empowers businesses to lead their digital transformation and gives customers more convenience and choice,” said Kishore Biyani, Group CEO, Future Group. “We are introducing Poynt Smart Terminals across Future Group stores and through this partnership, we will now extend its benefits to every merchant in India,” he added.
Poynt continues to experience rapid growth globally, having surpassed $9 billion USD in Gross Payments Volume (GPV) in the last 12 months, up approximately 200% YOY. The partnership with Future Group will further accelerate growth in GPV for Poynt.
“We are thrilled to partner with Future Group and LivQuik,” said Osama Bedier, CEO of Poynt. “This joint venture furthers our mission to empower merchants with technology that delivers value well beyond payment acceptance, and consumers with the best shopping experience imaginable. This is especially exciting in India, an enormous and important market with multiple modes of payment that will help define the future of commerce worldwide.”
Mr Mohit Lalvani, CEO of LivQuik added, “The joint venture with Poynt will help us deliver a personalized experience to customers of Future Group across all channels, online or offline. The line between in-store and e-commerce has completely blurred and we are excited to shape the future of payments in India.”
About Future Group:
Future Group is guided by the principle of ‘Rewrite Rules, Retain Values’ in shaping the consumption space in India. It offers more than 80 brands in fashion, footwear, FMCG, food and homeware segments that are distributed through its own retail chains in over 440 cities and towns across India. The country’s most trusted retail brand, Big Bazaar, along with Central, EasyDay, Foodhall, Brand Factory, Nilgiris, Heritage, fbb, Heritage Fresh and WH Smith in India are some of the retail chains operated by the group. On any given day, almost 2 million people visit its stores and digital platforms, experience its brands and work in sourcing, manufacturing and moving products that fulfill the needs and aspirations of a new India. Find out more on futuregroup.in
LivQuik, founded in 2012 and based in Mumbai, India, is a payments technology company that provides bespoke Fintech solutions to clients worldwide. LivQuik is licensed by the Reserve Bank of India as a Prepaid Payment Issuer.
Poynt is a revolutionary open commerce platform empowering merchants with software and services to transform their business. Founded in 2013, Poynt reimagined the ubiquitous payment terminal into a connected, multi-purpose device that runs third-party apps. As smart terminals become mainstream, Poynt OS is an open operating system that can power any smart payment terminal worldwide, creating a new app economy for merchants and allowing developers to write once and distribute everywhere. Poynt is headquartered in Palo Alto, Calif., with international headquarters in Singapore, and is backed by Elavon, Google Ventures, Matrix Partners, National Australia Bank, NYCA Partners, Oak HC/FT Partners, Stanford-StartX Fund, and Webb Investment Network. Find out more at poynt.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190731005348/en/
Future Group & LivQuik
Rajesh Rana | email@example.com
Scott Holt | firstname.lastname@example.org
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Discover our Briefings.