- First of its kind initiative that can revolutionize cashless payment at point of sale due to large customer base of UPI Apps and Wallets
- Customer can avail offer of choice and make cashless payment from their preferred mode
Mumbai, August 23, 2017: YES BANK, India’s fifth largest private sector Bank has partnered with BonusHub to enable acceptance of UPI, BHIM and multiple mobile wallets including YES Pay, Idea Money, Jio Money, mPesa, Ola Money, Citrus, Airtel Money, Freecharge and Oxigen on its Point-Of-Sale Terminals across its the network of merchants to facilitate cashless payments for consumers. The convenience of paying directly at merchant stores with UPI Apps and Wallets, will facilitate deeper penetration of digital payments.
This solution offers multitude of benefits, some of which are listed below:
UPI Payment Service Provider & Wallet Issuers
Make cashless payment, where they can choose from a bouquet of Wallets & UPI Apps to transact with consistent experience
Single window alliance for acceptance of UPI & multiple wallets, as well as settlement & reconciliation
Roll out across thousands of transacting Merchants of YES BANK, lower Merchant Acquisition Cost
Speaking about the partnership, Pralay Mondal, Country Head – Retail & Business Banking at YES BANK said, “Given our commitment to be the leader in digital payments and support the initiatives of RBI for making digital payments readily acceptable across the evolving payments ecosystem, we are thrilled to partner with BonusHub.This partnership will go a long way in not only empowering YES BANK merchants to overcome the current challenges in the cash only world, but also ensure that YES BANK remains technologically nimble and able to adapt to new emerging payment modes in future as well, thereby keeping its merchants ahead in an increasingly competitive market through smarter POS solutions. We will soon be launching Bharat QR on BonusHub to further this initiative.”
Commenting on the association, Pran Mehra, Founder and Executive Director at BonusHub and formerly Country Manager at VeriFone India said “In a fast evolving payments ecosystem with renewed focus on cashless payments, we envision a market where any Payment Acceptance System including fixed and mobile devices, QR Codes or any other emerging systems must be capable of accepting various form factors like cards, wallets, UPI, mVisa, MasterPass QR, Aadhar etc. for payments, without technological limitations and no compromise on security or convenience of the end consumer. This alliance is a major step in that direction, which would go a long way in achieving the industry-wide objective of digitization of cash transactions. This is a first of its kind partnership in the industry and we are thrilled that it is with YES BANK.”
Financial services delivery and access are undergoing a massive change with consumers demanding greater convenience and customer experience in the way they bank, pay and shop. With this new offering, YES BANK merchants shall avail additional acceptance opportunities across digital instruments with simplicity and complete security. YES BANK aims to enable acceptance of digital payment instruments including UPI, BHIM and Wallets through this platform, across more than 80,000 of YES BANK’s merchants by the end of the financial year.
BonusHub, once configured into a PoS machine, essentially works like a mobile application. BonusHub caters to a wide variety of merchants, ranging from small and medium businesses to large enterprises across industry verticals. A key advantage of the solution is the flexibility to empower the basic payment acceptance and digital transactions through a Point-Of-Sale Terminal.
Founded in 2016, BonusHub was established with a simple philosophy to eliminate cash, empower banks and financial institutions to constantly evolve and play a pivotal role in digitising payments and transactions by being an integral part of the growing digital ecosystem. BonusHub, a future ready digital platform ensures that the transactions are conducted in the most efficient, simple and secure manner while enriching the customer experience. BonusHub is a digital payments platform that allows service providers and fintech organisations to seamlessly integrate and transact with one another.
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 28 states and 9 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/