Partnership to instantly onboard 100 million Hike users to make it the largest UPI based platform in India
New Delhi, June 20, 2017: YES BANK, India’s fourth largest private sector bank, has partnered with Hike to power Unified Payments Interface (UPI) based payment solutions. This partnership will instantly provide UPI access to over 100 million Hike users and provide a significant fillip to India’s digital payments ecosystem.
This is the first time in India that a large mobile chat platform has embedded a payments solution in its app and this development will revolutionize the way P2P and P2M payments are done within the chat platform, including mobile top-ups amongst others. The UPI integration has been done on the back of YES BANK’s state-of-the-art API Banking platform.
YES BANK has taken a lead in evangelizing the digital payments infrastructure in India and was the first bank to actively partner with merchants on UPI. YES BANK is currently responsible for close to 35% all UPI transactions in the country, and over 80% of the merchant transactions done on the UPI ecosystem.
Currently, over 10,000 online and offline merchants are being powered by YES BANK’s UPI payments solutions; and there have been over 20 million downloads of such merchant-partnered apps and over 5 million YES BANK powered Virtual Payment Addresses (VPAs).
Speaking about the partnership, Rana Kapoor, MD & CEO, YES BANK said,
“YES BANK is pleased to partner Hike to power its mobile payments interface and this is a significant development in our efforts to evangelize the digital payments ecosystem in India. Building on the strengths of YES BANK’s UPI leadership and Hike’s leadership as India’s largest homegrown mobile chat interface, I am certain that this partnership will play a vital role in catalyzing the UPI-based payments revolution in our country.”
The partnership between YES BANK and Hike comes on the backdrop of the launch of Hike 5.0 – the most comprehensive update that the platform has received in terms of its interface as well as operations.
Elaborating on the tie-up, Mr. Kavin Bharti Mittal, CEO, Hike Messenger said, “We are delighted to partner with YES BANK for this significant milestone which will make Hike Messenger the largest UPI based platform in India. It empower over 100 million of our users to transact seamlessly on the revolutionary UPI platform which was launched by National Payments Corporation of India (NPCI) to accelerate the adoption of digital payments in the country. YES BANK is a partner of choice as it is the most forward looking bank in the digital space and there are significant synergies that both of us can leverage on.”
Mr. A. P. Hota, MD & CEO, NPCI said, “Kudos to YES Bank and Hike Messenger for broadening UPI’s acceptance with this strategic association. Through this partnership, we foresee a significant contribution towards Person-to-Person and Person-to-Merchant payments through state-of-the-art UPI service in days to come.”
YES BANK powers the UPI platform for a number of sectoral leaders in e-commerce, financial services, taxi aggregation and P2P services including Phonepe, Flipkart, Myntra, Jabong, Angel Broking, Reliance Securities, IIFL, Meru Driver App, Trupay, Mypoolin, Finmo and Benow for Offline granular Merchant Acquisition.
About Hike Messenger:
Hike is simplifying how people connect and interact with content and services on mobile. Hike believes that messaging will do for mobile what the browser did for the desktop times a 100.
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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/