Yes Bank launches its UPI services

UPI will enable low cost, high volume, electronic payments and will make transactions instant, secure and interoperable

GN Bureau | September 7, 2016


#UPI   #Yes Bank   #egov   #electronic payments   #Digital India  


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.
 
UPI features

 

  • 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 digitised 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.
     

Comments

 

Other News

Sowing wheat earlier can help increase yields in India: US researcher

Yield gaps in wheat production in India can be countered with an earlier sowing date, says a University of Michigan researcher.   Using a new way to measure wheat yields, Meha Jain, assistant professor at the U-M School for Environment and Sustainability, found that the wheat yie

Giving birth as a Baiga

Kharpariya village, about 50 km from the headquarters town of Madhya Pradesh’s Mandla district, is like many villages in the region, home to the Baiga, deemed a particularly vulnerable tribal group (PVTG) for whom permanent contraception methods are banned to prevent extinction. However, care for p

Being the prime minister’s brother

Somabhai Modi says he remembers only one occasion when he offered his younger brother prime minister Narendra Modi advice regarding work. This, he says, was when Modi was chief minister of Gujarat. After one of his weekly grievance redressal sessions, the then chief minister had enquired after the well-b

Should ration cards not linked to Aadhaar be rendered ineligible?

Should ration cards not linked to Aadhaar be rendered ineligible?

INS Kiltan commissioned into Indian Navy

 INS Kiltan, the third anti-submarine warfare (ASW) stealth corvette built under project 28 (Kamorta class), was commissioned into the Indian Navy by defence minister Nirmala Sitharaman at the naval dockyard in Visakhapatnam.    The anti-submarine warfare stealth corvet

SAIL`s special grade steel used to build stealth corvette

Maharatna enterprise, Steel Authority of India Ltd. (SAIL) has supplied defence grade micro-alloyed grade of steel (DMR 249A) steel plates for the indigenously built anti-submarine warfare (ASW) stealth corvette INS-Kiltan commissioned into Indian Navy.    SAIL’s integ



Video

Grand Diwali celebrations in Ayodhaya on eve of diwali

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter