- FreeCharge Digital Wallet to be powered by YES BANK
- YES BANK has also launched API Banking services to empower Snapdeal with “Instant Refunds” to Customers
Mumbai, September 15, 2015: YES BANK, India’s 5th largest private sector Bank has partnered with Snapdeal, India’s leading e-commerce player to revolutionise India’s e-commerce and payments ecosystem.
YES BANK will power the FreeCharge Digital Wallet, launched by FreeCharge, India’s leading digital platform for recharge and utility payments. This Digital Wallet will be a Co-Branded Semi Closed Loop Pre-Paid Wallet.
The ‘comprehensive and trusted’ digital wallet service will transform mobile and web transactions by facilitating easy and secure payments and be available for users across FreeCharge and Snapdeal’s e-commerce and m-commerce platforms which currently process a combined GMV of USD 4 Billion. The wallet has been built by FreeCharge and YES BANK on the pillars of cutting edge technology and state-of-the-art payments systems. With an ecosystem of 8.2 million daily unique users and 4 million monthly engaged users, the wallet is set to become India’s most used wallet in the next 6 months.
Additionally, YES BANK has also launched API Banking services for Snapdeal to enable “Instant Refunds” for its customers. With the capabilities provided by YES BANK’s first-of-its kind integration system, Snapdeal will be able to process upto 85% of its refunds within 30 minutes and close to 100% within an hour’s time.
YES BANK has done this via launch of API Banking Services which will be integrated with Snapdeal’s systems and enable processing of refunds instantaneously via IMPS and NEFT platforms. The concept of API Banking revolves around the client’s comfort in dealing with their own systems and the Bank’s ability to connect with them seamlessly.
Speaking on the Digital Wallet, Mr. Ritesh Pai, Senior President and Country Head, Digital Banking, said, “YES BANK has leveraged its experience and expertise in the Digital Payments and Innovations space to power the state-of-the-art FreeCharge Digital Wallet. The wallet powered by YES BANK will enable a seamless experience for all of FreeCharge and Snapdeal’s customers across multiple touchpoints and we expect this to significantly enhance the e-commerce ecosystem”
Speaking on the API Banking services, Mr. Asit Oberoi, COO and Group President, Cash Management Services, YES BANK, said, “YES BANK based on its emphasis on Knowledge Banking backed by the pillars of Technology and Innovation has launched a customized product catering to Snapdeal’s requirements. I am certain that this partnership will revolutionize refund payments, offering a delightful customer experience in the e-commerce industry and we look forward to partnering with Snapdeal in future initiatives.”
The product has been launched under YES BANK’s award winning suite of YES TRANSACT Transaction Banking Products. YES BANK remains committed to empowering E-commerce companies by launching customized products and services to streamline the financial supply chain of such companies. YES BANK also intends to replicate this success via expanding the scope of services to other industry verticals in different scenarios.
The YES TRANSACT product suite developed by YES BANK has won multiple global recognitions including award for “Best Payments Bank” 2014 by The Banker, London, Best Cash Management Project at The Asian Banker Awards, Hong Kong, 2015 and Cash Management Bank of the Year at The Asian Banking and Finance Awards, Singapore, 2015.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. 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 29 states and 7 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/