- Launches an aggressive promotion to drive usage for customers
Mumbai, September 6, 2017: YES BANK, India’s fifth largest private sector bank, has tied up with Samsung Electronics to enable its Credit Card customers to use ‘Samsung Pay’ through which users can ‘tap and pay’ using a wide range of Samsung smartphones at merchant outlets having Point of Sale (PoS) terminals. All YES BANK Credit Cards including the recently launched Business Credit Cards are now available on the Samsung Pay platform.
Samsung Pay is ‘Simple, Secure and Almost Everywhere’, making it a revolutionary payments system, allowing users to simply tap and ‘pay on the go’ using their registered YES BANK Credit Cards. Payments through Samsung Pay will be accepted at all places where a physical card will work. Samsung Pay works with Samsung’s patented Magnetic Secure Transmission (MST) technology as well as with Near Field Communication (NFC). Since a majority of PoS terminals in India are MST enabled, they will work seamlessly with Samsung Pay.
As a part of the launch and customer engagement strategy, YES BANK Credit Card members who have an eligible Samsung device can get a cashback of up to INR 1,500 per Card on using YES BANK Credit Cards on Samsung Pay till September 30, 2017.
Speaking about the launch, Pralay Mondal, Senior Group President – Retail and Business Banking, YES BANK said, “Through our association with Samsung Pay, we are extending the latest technology and leading services in the payments industry to our YES BANK Credit Card members, and providing them a truly digitized banking experience. Samsung Pay offers customers the convenience of virtually carrying their YES BANK Credit Card wherever they go and use it with the same ease and safety as a physical Credit Card.”
Sanjay Razdan, Director – Samsung Pay Business said, “Samsung Pay has been designed to be the smartest, secure and most convenient method to make digital payments today. Samsung Pay supports credit & debit cards, wallets and UPI-based transfers, making it the one-stop payments system for all consumer needs. The partnership with YES BANK will enable more consumers to join Samsung Pay platform and go digital. At Samsung, we are committed to Government of India’s initiatives of cashless society and we believe Samsung Pay is a great platform to go cashless.”
Porush Singh, Country Corporate Officer, India, and Division President, South Asia, Mastercard, said, “It is truly exciting to partner with YES BANK and Samsung Pay to offer a world class payment experience to the Indian consumers through our secure payments technology. With the powerful security features, cardholders can enjoy enhanced shopping experience as they make contactless transactions that are safe, swift and in sync with their lifestyles. It is a further step on the journey towards convenient payments from smart devices, and at Mastercard, we see digital payments being supported from any form of connected smart device in the future.”
A Comprehensive range of Individual & Business YES BANK Credit Cards are currently available across Mumbai, Delhi, Bengaluru, Chennai, Pune, Kolkata, Chandigarh, Ahmedabad, Hyderabad, Coimbatore, Jalandhar, Ludhiana, Baroda, Nagpur, Nashik and Jaipur.
For more information on this, please visit, https://www.yesbank.in/digital-banking/samsung-pay
About Samsung Pay
Samsung Pay is a complete payments platform. Apart from cards, Samsung Pay users can also make fast and secure UPI payments through P2P money transfers and also QR code scan and online payments wherever UPI payments are accepted. Consumers can add their SBI accounts and accounts of all banks which are on UPI to Samsung Pay. Samsung Pay also supports wallet payments - Paytm on Samsung Pay and Mobikwik and Paytm on Samsung Pay Mini, which is designed to cater to the unique requirements of Indian mid-segment consumers. Samsung Pay Mini provides a comprehensive platform for UPI and e-wallets. Samsung Pay will continue to build and bring to market other payment features going forward.
Samsung Pay is fortified with three levels of security—fingerprint authentication, card tokenization and Samsung’s defense-grade mobile security platform Samsung KNOX thereby making it the most secure and widely accepted payment service.
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/