India’s fifth largest private sector bank Yes Bank has announced the launch of ‘Yes Pay’, a digital wallet across Android and iOS mobile platforms.
As a new development in the realm of digital payments, Yes Pay is also built as a Facebook app. The fact that the wallet can be accessed through Facebook without any additional registration, Yes Pay has now empowered all social media and Smartphone users to be money-wise.
Apart from mobile recharge and bill payment which are the key offerings for most digital wallets in India, Yes Pay also features functionalities that allow both ‘users’ and ‘non users’ to send and receive money.
“Our wallet does not require that both the transacting parties be registered on the wallet. That brings to fore immense possibilities. Think of a businessman who is registered on YES PAY. He can now request payment from clients remotely,” said Senior President and Country Head Digital Banking at Yes Bank, Ritesh Pai.
“The client gets a link via SMS and payment can be made using card or net-banking. All of this, for nothing that is billed to the businessman and that is where we take Wallet Platform to Corporate Clients as well,” added Ritesh Pai.
As a pilot, Yes Pay wallet was made available on app-stores, witnessing more than four lakh transactions conducted by 25,000 early adopters in a span of 100 days. Yes Pay has partnered with aggregators and merchants like PayU, Euronet, CouponDunia, One Assist and Witty Gift to enable users of Yes Pay to access exciting discount vouchers, coupons, avail handset insurance and also download latest music.
A digital wallet gains relevance with increasing merchants who begin accepting payments from the wallet. To that end, Yes Pay has been integrated by Cafe Coffee Day to accept cashless payments at their outlets. Yes Pay has also forged an alliance with QuikWallet and ToneTag for seamless bill payments at thousands of restaurants and retail outlets with innovative technologies such as NFC, QR code scans and sound based authentication.
“As a beginner, a virtual MasterCard will be issued to every Yes Pay user who currently does not have any means to transact on the online websites or mobile apps. The much awaited UPI payments introduced by NPCI would soon be a part of the Yes Pay wallet. With innovations such as these, coupled with the increasing penetration in smartphones and internet usage, the wallet industry is something that can make a big impact on the way Digital Natives of the nation will transact in the days to come,” added Ritesh.