First digital wallet to be also built as a Facebook App
All Smartphone and Facebook users in India will get instant access to the wallet
Mumbai, August 22, 2016: YES BANK, India’s 5th largest private sector Bank, has launched YES PAY – a Digital Wallet across Android and iOS mobile platforms. As a new development in the realm of digital payments, YES PAY is also built as a Facebook app. The fact that the wallet can be accessed through Facebook without any additional registration, YES PAY has now empowered all social media and Smartphone users to be money-wise.
Apart from mobile recharge and bill payment which are the key offerings for most digital wallets in India, YES PAY also features functionalities that allow both ‘users’ and ‘non users’ to send and receive money. Ritesh Pai, Senior President & Country Head, Digital Banking at YES BANK said, “Our wallet does not require that both the transacting parties be registered on the wallet. That brings to fore immense possibilities. Think of a businessman who is registered on YES PAY. He can now request payment from clients remotely. The client gets a link via SMS and payment can be made using card or net-banking. All of this, for nothing that is billed to the businessman and that is where we take Wallet Platform to Corporate Clients as well.”
As a pilot, YES PAY Wallet was made available on app-stores, witnessing more than 4 lakh transactions conducted by 25000 early adopters in a span of 100 days. YES PAY has partnered with aggregators and merchants like PayU, Euronet, CouponDunia, One Assist and Witty Gift to enable users of YES PAY to access exciting discount vouchers, coupons, avail handset insurance and also download latest music.
A digital wallet gains relevance with increasing merchants who begin accepting payments from the wallet. To that end, YES PAY has been integrated by Café Coffee Day to accept cashless payments at their outlets. YES PAY has also forged an alliance with QuikWallet and ToneTag for seamless bill payments at thousands of restaurants and retail outlets with innovative technologies such as NFC, QR code scans and sound based authentication.
“As a beginner, a virtual MasterCard will be issued to every YES PAY user who currently does not have any means to transact on the online websites or mobile apps. The much awaited UPI payments introduced by NPCI would soon be a part of the YES PAY wallet. With innovations such as these, coupled with the increasing penetration in smart phones and internet usage, the wallet industry is something that can make a big impact on the way Digital Natives of the nation will transact in the days to come.” Ritesh Pai added
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/
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