Mumbai|Bangalore, August 29, 2016: PhonePe, a Flipkart Group company, and YES BANK, India’s 5th Largest Private Sector Bank, have partnered to launch India’s first UPI (Unified Payments Interface) based mobile payments app earlier today, in a move aimed at significantly disrupting the digital payments landscape across India.
Mr. Sameer Nigam, CEO of PhonePe said, “Existing digital payment solutions such as netbanking, debit cards and digital wallets force Indian consumers to choose between a highly secure or an easy payment experience. PhonePe offers an experience that is both 100% secure and lightning fast to use. And the best part is that now a consumer’s money will always stay in their bank account - until they spend it”
PhonePe allows users to link their bank accounts securely to their smartphone using NPCI’s encrypted libraries. Once linked, users can authorize money transfers or merchant payments instantly by simply entering their 4-6 digit MPIN. Money is instantly transferred directly from the sender’s bank account to the recipient’s bank account. There’s no need to enter an OTP to authorize a transaction anymore. A transaction takes less than 10 seconds to complete.
Mr. Binny Bansal, Group CEO and Co-founder, Flipkart said, “UPI is a watershed moment in the digital payments industry, not just in India but worldwide. I’m thrilled that PhonePe and YES Bank are working together closely to spearhead the digital payments revolution in India.”
Speaking about the partnership, Mr. Rana Kapoor, MD & CEO, YES BANK said, “YES BANK is pleased to partner PhonePe and flag off the UPI-based payments revolution in India. Building on the strengths of YES BANK’s banking innovations and Flipkart group’s leadership as India’s largest e-commerce player, I am certain that this partnership will play a vital role in helping reduce cash in our economy and spurring the Digital Payments architecture in India”
PhonePe App users can send or request money to friends and family, without knowing the beneficiary’s bank account details. PhonePe users can transfer money to each other by entering a recipient’s mobile number or their virtual private address (VPA). The PhonePe App also offers bill-split, mobile recharge and utility bill payment features. The 75 Million registered customers of Flipkart, Myntra and Jabong will soon be able to pay for all their online shopping using PhonePe as well. PhonePe also offers its customers a digital wallet that can only be topped up by refunds and cashback offers from any of its network merchants.
Speaking at the launch, Mr. Ritesh Pai, Senior President & Country Head, Digital Banking, YES BANK, added, “PhonePe and YES BANK will leverage the Unified Payments Interface to provide a hassle free, convenient payment experience to consumers across the spectrum. With Digital Payments in India expected to reach USD 500 Billion by 2020, YES BANK, Flipkart and PhonePe are ready to grab a lion’s share of this market.”
The PhonePe Android App is now on the Google Playstore. The iOS app is expected to be live by late September.
PHONEPE, a Flipkart Group company, is a technology pioneer focused on building next-generation digital payment solutions specifically for mass-market India. Headquartered in HSR Layout area of Bangalore.
PHONEPE’s mission is to take cash of the streets in India, and to build a really safe, secure and convenient digital payments solution that makes Indian consumers and businesses lives easier. Robust technology and intuitive product design are the two pillars of its innovation engine.
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About YES BANK
YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Best Quality Bank of the World in India” by 2020.
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