Yes Bank is all ready to say Yes to UPI

|September 7, 2016 0
Image courtesy of David Castillo Dominici at freedigitalphotos
Flipkart, Myntra, Jabong, Trupay, Capital Float, Mypoolin and many others partner with Yes Bank for UPI integration

MUMBAI, INDIA: Yes Bank has commenced what it calls, a first-of-its-kind Unified Payments Interface (UPI) services by partnering with 50 businesses, to catalyse 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 interoperable.

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), it informs.

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Through its partnership with Phonepe, the Bank aims to replace Cash on Delivery (CoD) with digital payments for Flipkart, Myntra and Jabong.

It feels that UPI is going to be a game changer, not just for the end consumers but also for the businesses offering the proposition. Some reasons go like this:

  • UPI will enable secure, instant payments using just a virtual ID and a mobile PIN, eliminating the need to exchange sensitive information such as bank account/debit/credit card numbers.
  • Last-mile payments will become fully secure and digitized with lower transaction failures
  • Merchants can use simple Collect APIs to receive money from consumers
  • UPI based transactions will be cheaper in comparison to card and wallet transactions

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 innovative 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, it explains further.

Trupay will utilize Yes Bank’s 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.

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.”

The bank lists some features of the UPI value proposition as follows:

Immersive Experience: Transactions can be executed without leaving the Merchant Application

Flexible: Simple and comprehensive APIs to enable Merchants to innovate as per their requirements

Ease of Use: One-step checkout for registered users leading to lower transaction failures for Merchants

AP Hota, Managing Director & CEO, NPCI, added, “We are delighted to see Yes Bank taking innovative steps towards utilizing UPI platform to on-board large merchants. This will help percolate usage of UPI platform by retail customers.”

 

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