MUMBAI: India’s fifth largest private sector bank, YES Bank has commenced its first-of-its-kind Unified Payments Interface (UPI) services by partnering with 50 businesses, to catalyze one of the biggest payment innovations in the banking universe with an aim to make fund transfer easier and move towards a cashless economy. The UPI framework will enable low cost, high volume, electronic payments straight from the user’s smartphone, and will make transactions instant, secure and inter-operable.
Launched by the National Payments Corporation of India with the Reserve Bank of India (RBI), UPI is set to revolutionize digital banking, thereby enabling hassle-free payments. YES Bank has been one of the pioneers of digital and mobile banking and next-generation payments system (UPI).
Through its partnership with Phonepe, the Bank aims to replace Cash on Delivery (CoD) with digital payments for Flipkart, Myntra and Jabong. YES BANK has also enabled granular merchant acquisition for companies like Ezetap and Cashless Technologies (benow) by eliminating physical point of sale (POS) machines.
Through these UPI propositions for startups like MyPoolin, Paysay and Splikart, YES Bank will champion in-app peer-to-peer (P2P) funds transfer, bill splitting, social payments, and money management. Trupay will utilize YES BANK’s first of its kind UPI solution for broking/NBFC/Power Sector payments. YES BANK will also power the industry’s first UPI based Education Fees Payments through the tie-up with Instafeez. Capital Float will be utilizing YES BANK’s UPI mechanism to collect payments from their SME borrowers.
YES BANK is also engaging with Merchants on various other genres including Cab Aggregation, Mutual Funds, Insurance and other B2B use cases. Coupled with a strong innovative offering and execution focus, YES BANK aims to capture a large market as well as mind share of the digital payments ecosystem in the India.
Speaking about the launch, Rana Kapoor, MD & CEO, YES Bank, said, “I congratulate RBI and NPCI on this important milestone that will become one of the greatest innovations in the payments landscape in the world. At YES Bank, we continuously strive towards making India a cashless economy and a superpower in the digital payments arena; I am confident that the advent of UPI, backed with our unparalleled personalized innovations, will pave the way towards a seamless, fully integrated payments architecture and delivery network in India.”