Qorus Banking Innovation Awards 2018

“Innovation for Payments in India” - UPI and Sim Se Pay (#Mobile Payments)

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11/09/2018 Banking Innovation

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UPI – Garnering maximum merchant payments on World’s most sophisticated payments system Sim Se Pay- Unique innovation which empower all citizens to broad base digital banking

Innovation presentation

Furthering the UPI Ecosystem- Key Highlights : World’s Most Sophisticated Public Payments System.

YES BANK has one of the most successful UPI implementations in the industry. We have partnered with clients across various industries such as e-commerce, mutual funds, broking, NBFC, travel etc. for providing a seamless mode of mobile payments from consumers through the Unified Payments Interface. The solution is expected to reduce transaction processing time, make transactions cheaper and provide mobile-optimised experience and can be integrated with clients’ various internal systems through API.

YES BANK’s APIs are built in a simple, seamless manner and allow partners to innovate and build solutions on top of these APIs in quick time.

Furthering Financial Inclusion- SIMsePAY, a unique innovation that allows any account holder to do money transfers, pay utility bills and other mobile banking services, without the need for smart phones or internet. The offering is based on a frugal “sim-sleeve” technology, in association with Taisys Technologies, who holds global patent for the same, and has implemented the same successfully in other countries including Kenya and China.

Uniqueness of the project

UPI : YES BANK has one of the most successful UPI implementations in the industry. We have partnered with clients across various industries such as e-commerce, mutual funds, broking, NBFC, travel etc. for providing a seamless mode of mobile payments from consumers through the Unified Payments Interface. The solution is expected to reduce transaction processing time, make transactions cheaper andprovide mobile-optimised experience and can be integrated with clients’ various internal systems through API. Simple APIs and SDKs available for merchants ; quick plug & play model. Collection of payments, Intuitive UX, Payment APIs, one-touch wallet etc. make this product unique.

YES BANK has partnered with 50+ fintech companies offering unique use cases across industries.

Sim Se Pay : This is for the first time that this technology is being implemented in India. SIMsePAY is a wafer-thin sticker that can be pasted on to any type of SIM card (Standard, Micro or Nano) of any Telecom service provider.This sticker installs a SIM Tool Kit (STK) based application which can be accessed by the consumer on ANY mobile phone without the need for internet connectivity.

This SIMsePAY sticker will be linked to a Co-branded Prepaid Wallet or a Prepaid Card issued by YES BANK (which can be loaded up to INR 50,000) or the Co-operative Banks’ Account by the consumer to perform various types of banking transactions.

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