YES Bank adopts UPI plat­form to on-board large mer­chants

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In­dia’s fifth largest pri­vate sec­tor bank, YES Bank has com­menced its first-of-its-kind Uni­fied Pay­ments In­ter­face (UPI) ser­vices by part­ner­ing with 50 busi­nesses, to cat­alyze one of the big­gest pay­ment in­no­va­tions in the bank­ing uni­verse with an aim to make fund trans­fer eas­ier and move to­wards a cash­less econ­omy. The UPI frame­work will en­able low cost, high vol­ume, elec­tronic pay­ments straight from the user’s smart­phone, and will make trans­ac­tions in­stant, se­cure and in­ter-op­er­a­ble.

Launched by the Na­tional Pay­ments Cor­po­ra­tion of In­dia with the Re­serve Bank of In­dia (RBI), UPI is set to rev­o­lu­tion­ize digital bank­ing, thereby en­abling has­sle-free pay­ments. YES Bank has been one of the pi­o­neers of digital and mo­bile bank­ing and next-gen­er­a­tion pay­ments sys­tem (UPI).

Through its part­ner­ship with Phonepe, the Bank aims to re­place Cash on De­liv­ery (CoD) with digital pay­ments for Flip­kart, Myn­tra and Jabong. YES Bank has also en­abled gran­u­lar mer­chant ac­qui­si­tion for com­pa­nies like Eze­tap and Cash­less Tech­nolo­gies (benow) by elim­i­nat­ing phys­i­cal point of sale (POS) ma­chines.

Through these UPI propo­si­tions for star­tups like MyPoolin, Paysay and Sp­likart, YES Bank will cham­pion in-app peer-to-peer (P2P) funds trans­fer, bill split­ting, so­cial pay­ments, and money man­age­ment. Tru­pay will uti­lize YES Bank’s first of its kind UPI so­lu­tion for broking/NBFC/Power Sec­tor pay­ments. YES Bank will also power the in­dus­try’s first UPI based Ed­u­ca­tion Fees Pay­ments through the tie-up with In­stafeez. Cap­i­tal Float will be uti­liz­ing YES Bank’s UPI mech­a­nism to col­lect pay­ments from their SME bor­row­ers.

YES Bank is also en­gag­ing with Mer­chants on var­i­ous other gen­res in­clud­ing Cab Ag­gre­ga­tion, Mu­tual Funds, In­sur­ance and other B2B use cases.

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