UPI will enable low cost, high volume, electronic payments and will make transactions instant, secure and interoperable
GN Bureau | September 7, 2016
Yes Bank on Wednesday has launched its unified payments interface (UPI) services by partnering with 50 businesses to enable easy fund transfer and move towards a cashless economy.
The UPI framework developed the national payments corporation of India (NPCI) with the reserve bank of India (RBI), will enable low cost, high volume, electronic payments straight from the user’s smartphone, and will make transactions instant, secure and interoperable.
The bank aims to replace cash on delivery (CoD) with digital payments for Flipkart, Myntra and Jabong, through its partnership with Phonepe, a mobile payment application.
“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 personalised innovations, will pave the way towards a seamless, fully integrated payments architecture and delivery network in India,” said Rana Kapoor, MD and CEO, Yes Bank.
AP Hota, managing director and CEO, NPCI, said, “We are delighted to see Yes Bank taking innovative steps towards utilising UPI platform to on-board large merchants. This will help percolate usage of UPI platform by retail customers.”
Trupay, mobile payment gateway, will utilise Yes Bank’s UPI service for broking/NBFC/Power Sector payments. The bank will also power the industry’s first UPI based education fees payments through the tie-up with Instafeez. Capital Float, a digital finance company, will be utilizing Yes Bank’s UPI mechanism to collect payments from their SME borrowers.
The private bank is also engaging with merchants on various other genres including cab aggregation, mutual funds, insurance and other B2B use cases.
Historically, voter turnout for local elections has lagged behind state assembly elections and general elections. For example, a recent report by Janaagraha shows that Surat recorded 40 percent voter turnout in local polls, 30 percent less than state elections
A group of women were sensitized about their rights at a workshop held in the national capital on Saturday. They were informed about the anti-harassment laws and legal provisions to safeguard women inside and outside their workplace. The workshop – organ
The Narendra Modi- Arvind Kejriwal antagonism has always been about two different kinds of populism. While it may not play out in a municipal election, the fact remains that a Kejriwal chastened by Goa and Punjab faces a mid-term test in the municipal elections. For a politician harbouring intentions of
A plan to home-deliver petroleum products may look like an out-of-the-box idea, but it is not exactly a new one. Petroleum minister Dharmendra Pradhan tweeted: “Options being explored where petro products may be door delivered to consumers on pre booking. This would help consumers avoi
How do you view the state of contemporary Indian literature? Our cultural spaces are in a bad state – and this affects the writing, publishing and reading of literature. Over the last few years, we have seen far too many cases of the self-appointed thought police intim
On February 28, 2017, Khainu (Hadu) Bagarti, a farmer from Bargarh district of Odisha, died at the Burla government hospital. Burdened by crop failure and debt, he had consumed pesticide. This was spoken of as the state’s first farmer suicide of the year, as if it were a distinction. But the