NEW DELHI: Netherlands-based-based digital security company Gemalto has announced that YES BANK, India’s fifth largest private sector bank, has deployed its to secure mobile payment transactions for millions of its customers under India’s recently implemented Unified Payments Interface (UPI).
YES BANK is a full service commercial bank that has acted as a front runner in deploying UPI, India’s next generation online payments solution which enables all account holders to send and receive money from their smartphones with a single identifier – such as mobile number or virtual payments address – without entering any bank account information.
The SafeNet Network HSM (formerly SafeNet Luna SA HSM) provides strong end-to-end data security and encryption to protect user credential confidentiality and the private keys responsible for digital signing, thus establishing a secure root of trust for financial transactions throughout the UPI payment process.
“With a widespread network of over 860+ branches and 1,625+ ATMs Pan India, we’re committed to taking a customer-centric approach to our banking services,” said Anup Purohit, Chief Information Officer at YES BANK.
“The Unified Payments Interface offers clients revolutionary convenience when it comes to banking and payments, and we want to ensure the highest levels of security for users of the platform. We’re thrilled to integrate Gemalto’s industry-leading SafeNet HSM technology into the UPI application to support this initiative,” said Purohit.
“When it comes to the introduction of new mobile applications and digital services in banking and financial services, building trust, data security and regulatory compliance is an essential component for adoption and success,” said Ashesh Thanawala, Sales Director for India Identity & Data Protection at Gemalto.
“By working with YES BANK India, we are delighted to ensure that its customers benefit from the convenience UPI offers, without compromising on security through the application of strong encryption and protection of user credentials in the prestigious UPI project. We are trusted for our technical strength in delivering the required guidance to meet and implement regulatory compliance in such mission critical projects,” he added.