Yes Bank launched its digital wallet solution ‘Yuva Pay’ in partnership with UDMA Technologies to enable contactless payments for its customers.
The digital wallet issued under minimum KYC regulations to Yes Bank will offer bill payments via Bharat Bill Pay and provide Unified Payments Interface (UPI) facility to customers.
Through the app, customers can pay their utility bills (including municipal, house, water tax, electricity, LPG, DTH, Mobile bill, license fees), make insurance renewals, FASTag recharges, EMI payments, and use the app to make payments at retail outlets.
“The program also aims to make the low income groups transition to digital and contactless transactions by enabling wider access to secure electronic payment services,” said Anita Pai, chief operating officer, Yes Bank.
Yuva Pay will also double up as a banking app for funds transfer, account balance check, recharges or top ups, bill payments and rewards platform.
Smartphone users will need to complete a biometric based KYC process within 24 months after wallet activation to start using the services online. While for feature phone users, customers will have to visit the nearest ‘Yuva Mitra’ associate to complete the minimum or full KYC verification process, said the Bank.
For feature set users, Yuva Pay will leverage Interactive Voice Response Services (IVRS) wherein all transactions are processed securely via OTP and T-PIN (telephone pin) authentication.
In case, users are facing internet connectivity issues, the payment and collection request will be converted into an encrypted SMS and the transaction is completed in offline mode, through the service.
Yes Bank is also looking to showcase the solution to 158 gram panchayats with 238 villages in Karnataka, in the first phase, by associating with State Rural Development & Panchayat Raj Department, Karnataka.
Interestingly, Yes Bank also provides UPI rails to several digital payment firms including PhonePe and BharatPe, which faced severe outages in the first week of March, after RBI imposed a moratorium on Yes Bank.
Since then, these players have moved on to partner with other banks including ICICI Bank, and Kotak Mahindra Bank, under the multi-bank partnership model, which UPI supports.
News Source: Livemint