With the motive of making funds transfer easier, the fifth largest private sector bank of the country, YES Bank has started UPI (Unified Payments Interface) services in association with 50 more businesses. This one-of-its-kind banking innovation will not only make the transactions secure and instant but will also make low-cost and high-volume electronic payments from the user’s smart phone possible.
UPI, also termed as the next-generation payment system by YES Bank, will revolutionize digital banking by making hassle-free payments possible. The RBI (Reserve Bank of India) and NPCI (National Payments Corporation of India) have come together to make this digital revolution possible.
Touted to be the pioneer of digital and mobile banking, YES Bank partnered with Phonepe to replace Cash On Delivery option with digital payments for Jabong, Myntra and Flipkart. Also for companies like Ezetap and Cashless technologies (benow) , Yes Bank has eliminated physical Point of Sale(POS)machines to enable granular merchant acquisition.
For other purposes like peer to peer (P2P) funds transfer, social payments, bill splitting and money management , YES Bank will make use of unique UPI propositions with startups like Slipkart, MyPoolin and Paysay.
YES Bank’s tie up with Instafeez will enable industry’s first Education Fees payment through UPI and its tie up with Trupay will enable its use for broking/power sector payments/NBFC.
MD and CEO of Yes bank, MR. Rana Kapoor congratulated RBI and NPCI for achieving this important milestone, that according to him will be one of the greatest innovations in the payments landscape of the world. He also said that YES bank strives towards making India a cashless economy, and innovations like UPI will pave the way for a fully integrated payment architecture and delivery network in India.