Mumbai, 29th January 2015: YES BANK, India’s fourth largest private sector Bank, has launched its Internet payment gateway (IPG), for enabling Online acceptance of VISA & MasterCard by the online sellers. The gateway shall offer users the convenience of express check out to reduce transaction time and enhance their payment experience. For the Merchants, the gateway shall offer comprehensive and detailed reporting, along with ability to initiate refund transactions and daily snapshot of transactions that will help them to keep a tab on service levels and transaction success rates.
YES BANK has been offering POS facilities since 2009, for facilitating card payments amongst its merchant base. With launch of IPG, YES BANK can now cater to requirements of online retailers as well.
Speaking about the launch, Mr. Pralay Mondal, Senior Group President, Branch and Retail Banking, YES BANK Ltd., said, “YES BANK is committed to invest and be a meaningful player in the Innovation & Digital Banking space. The e-Commerce boom which converges Retail, SME, Corporate customers and Banks together on convenient and common platforms is the future of payment business. YES BANK is delighted to launch the Unique Payment Gateway Platform in partnership with Citrus Pay that will provide Convenience, Speed and Choice to customers through ‘Faster Check out Facility’, Acceptance of VISA & MasterCard Credit & Debit Cards and will also enable them to make payment using ‘Net-Banking facility from 30 leading Indian Banks’. This will further strengthen YES BANK's relationships with Merchants, SME and Corporates and also give us an edge in the e-Commerce and Payments space. “
To offer innovative payment solution to merchants, YES BANK has in the past launched mobile point of sale (mPOS) service, allowing merchants to use a mobile device as a payment mechanism. With mPOS, the merchants can use a mobile phone-based GPRS connectivity to facilitate debit or credit card payments, offering an attractive payment alternative for cash on delivery model.
India is one of the fastest-growing ecommerce markets in the Asia-Pacific region. Government push for technology and online payment system for conducting business with PSUs and Govt utility agencies, growing broadband penetration and acceptance of online marketplaces is expected to fuel this growth further.
About YES BANK
YES BANK is a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients.
YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 8 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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YES BANK Limited