YES BANK partners with Lastmile.mobi, uses Qualcomm Snapdragon processors to launch IRIS and EMV ready payment solution
- An exciting new solution that integrates Retail Application, Card & UPI Payments using Aadhaar E-KYC
- PoS uses Qualcomm Technologies’ solutions to enhance security and edge processing capabilities
Mumbai, October 17, 2016: YES BANK, India’s 5th largest private sector Bank has partnered with Lastmile.mobi to introduce the IRIS EMV PoS (Point-of-Sale terminal) solution which integrates Card & UPI payments, Aadhaar E-KYC and Aadhaar E-signing on a ready to use basis.
This is one of the first solutions in India to implement the India Stack in its true sense in line with the Digital India initiatives of the Government of India. The launch comes close on the heels of RBI Circular issued on September 29, 2016 advising Banks on using Aadhaar-based Biometric authentication for Card Present transactions.
This device which allows biometric authentication through IRIS scanning, has the following multiple functionalities serving the purpose of a Point-of-Sale (PoS) terminal as well as an ATM, including:
Cash Deposits and Withdrawals via Business Correspondents
Purchase Transactions through Cards
Transfer of Funds
Enquiry of Balance
E-KYC Verification for Account Opening
E-Sign of Account Opening forms
YES BANK becomes the first Bank in India to implement such an integrated solution aimed at millions of small and medium businesses to not only do their billing and accept payments but also be equipped to disburse small loans completely electronic at any time to the participating merchants.
YES BANK has partnered with Lastmile.mobi, which is a secure platform focused on addressing the challenge of ubiquitous identification of customers, and delivering digital payments with support for multiple payment modes at a PoS terminal.
The integrated solution uses Qualcomm® Snapdragon™ processors, a product of Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, for their advanced connectivity capabilities. By using the processing and security features integrated in Snapdragon processors, the device is designed to be able to provision the entire POS over the air, meeting the stringent PCI PIN regulations.
Speaking on the launch, Mr. Ritesh Pai, Senior President & Country Head, Digital Banking, YES BANK, said, “YES BANK has always leveraged technology and innovation as mission critical pillars to offer superior banking experience to its customers. We are pleased to partner with Lastmile.mobi and use Qualcomm Snapdragon processors to launch this solution which brings banking to a customer’s doorstep and also empowers MSMEs to perform an entire gamut of financial transactions. This device equipped with biometric authentication capabilities has multiple uses for both retail and corporate customers right from e-KYC verification and ATM functionalities to disbursal of small loans to merchants.”
“We are committed to continue pushing the envelope on India-specific innovations and technologies, such as biometrics using Aadhaar authentication for G2C and B2C services, which foster financial inclusion,” said Mr. Jim Cathey, Senior Vice President and President, Asia Pacific and India, Qualcomm International, Inc. “Support for local language and other technologies focused on India will help bring next-generation, cost-effective solutions to Indian customers in all tiers.”
Qualcomm and Snapdragon, are trademarks of Qualcomm Incorporated, registered in the United States and other countries.
Other product and brand names may be trademarks or registered trademarks of their respective owners.
About YES BANK
YES BANK, India’s fourth 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 FINEST QUALITY LARGE BANK OF THE WORLD IN INDIA”.
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