Mumbai: YES BANK, India’s 5th largest private sector bank, today announced partnership for the roll out of first-of-its kind payments system, Unified Payment Interface (UPI) launched by National Payments Corporation of India (NPCI). YES BANK is part of a select group of Banks and Financial Institutions invited by NPCI to take part in the launch of UPI.
UPI is expected to be a ground breaking, next generation payment system which will allow secure, 1-click 2 factor authentication thanks to its unique design and innovative API (Application Programming Interface) architecture. UPI will enable Mobile Number, Aadhaar Number based payments and enable merchants as well as consumers to pull funds in a simple, yet completely secure manner.
There are about 200 million estimated smart phone owners in the country and this number is expected to reach 500 million in the next 5 years. UPI, with its simple yet sophisticated user experience on Smartphones and an enablement to perform transactions with minimum transaction hops will aid in growth of mobile payments – thus accelerating the goal of reducing cash transactions in the country.
YES BANK has already identified and worked on the following areas as use cases, and will be integrating these for providing UPI backed services in the next couple of months:
Over the past 1 year of successful onground implementation, YES BANK has undertaken millions of transactions in the above cases through its Digital platforms, and will now work to offer them through UPI backed services.
Mr. Ritesh Pai, Senior President and Country Head – Digital Banking, YES BANK, said “We are extremely bullish about UPI, and expect a revolution in the Indian Payments ecosystem. UPI is expected to transform into a de-facto payments mechanism in the near future. UPI’s open API architecture allows Banks to provide transactional payments services to even Non-Account holders. We are proud to partner with NPCI on this payment system which is aligned with YES BANK’s philosophy to enable higher percentage of digital/mobile payments and thus work towards reduction of cash from the country”
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