YES BANK launches ‘Yuva Pay’, a unique digital wallet for smart phone and feature phone users in partnership with UDMA Technologies
YES BANK announced the launch of ‘Yuva Pay’, a unique digital wallet in partnership with UDMA Technologies to enable contactless payments. This collaboration is in line with YES BANK’s fast-track innovation efforts of enabling communities to experience the convenience of digital banking services – as the nation slowly begins to unlock after the COVID-19 lockdown. This innovation is a digital wallet issued under minimum KYC regulations, combined with bill payments via Bharat Bill Pay and Unified Payments Interface (UPI).
Through the app, utility bills like municipal, house, water tax, electricity, LPG, DTH, Mobile bill, license fees, Windmill & Solar park fees, building sanction fees and billboard taxes can be paid along with insurance renewal, fastag recharge, EMI payment, school fees and use at retail outlets. The first live program of the solution will be implemented by State Rural Development & Panchayat Raj Department, Karnataka and the first phase will cover 158 gram panchayats with 238 villages. Subsequently, this program will be rolled out to 6200 gram panchayats covering 12 million households across 29,000 villages in the second phase.
Speaking on the launch, Anita Pai, Chief Operating Officer, YES BANK, said, “This unique endeavour is yet another step taken by YES BANK towards achieving the Government’s vision of Digital India by converting all paper transactions into paperless digital transactions. 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.”
Prashanth Naik, CEO, UDMA Technologies, said “We envisage a long lasting business relationship. YES BANK is one of India’s leading digital payments facilitator and we intend to replicate this solution across the country, specifically in the rural segment where internet connections maybe an issue and feature phone is prevalent. Together, we now offer India’s strongest offline wallet solution that not only brings the world’s best payments experience to Indian Citizens, but is an important step towards eventually having cashless transformation in India.”
Feature Phone Users
Users to visit the nearest ‘Yuva Mitra’ associate to complete minimum or full KYC verification process. Once the verification is complete, the wallet is activated and users can start using their services through Interactive Voice Response Services (IVRS) wherein all transactions are processed securely via OTP & T-PIN authentication.
Smart phone Users
Users can download the ‘Yuva Pay’ mobile application from Android play store, complete the minimum KYC requirements and add money to their wallet. As per RBI guidelines, the user will need to complete biometric based KYC process within 24 months after wallet activation. If internet connection is available, users can start using the services online while in case of no internet connection, the payment and collection request is converted into an encrypted SMS and the transaction is completed in offline mode.
The app ensures contactless payments as it works on a unique algorithm based protocol. It sends data securely to the Bank on real time basis, resulting in a seamless transaction for the user without depending on internet. Yuva Pay also doubles up as a banking app for funds transfer, account balance check, recharges or top ups, bill payments and rewards platform. It allows contactless as well as payments between users in proximity, while maintaining adequate social distancing norms.