YES Bank To Offer Mobile Payments Wafer SIM To Customers

by CXOtoday News Desk    Jul 23, 2015

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YES Bank, India’s fifth largest private sector Bank, has come up with a solution service with the help of which any user owning any type of mobile phone with any operator can make mobile payments from anywhere, anytime without internet connectivity in a completely secure manner. 

To bring this solution ‘YES payment’, the Bank entered into a strategic partnership with Taisys Technologies - which will work together on a platform to issue ultra-thin mobile payments wafer SIM - worldwide patented technology from Taisys. 

Once a User attaches the YES Payment SIM wafer on his existing SIM Card, he can use the YES Payments wallet at any time of the day to transfer money, pay bills, check balances as well as see the transaction history. The service has a very simple interface and works on secured encrypted SMS at the back end and is therefore extremely secure, the Bank has said in a statement. 

 It will be done by integrating Taisys m-Banking platform with YES Money platform of the Bank, which is a Domestic Remittance Service designed to meet the remittance need of migrants, unbanked and under-banked population in India.

Commenting on the partnership, Rana Kapoor, Managing Director & CEO, YES Bank said, “We are pleased to partner with TAISYS for this innovative payment solution which will be a significant game changer in the mobile payments space in India. We foresee millions of transactions on this system across all segments of the income pyramid which will also boost financial inclusion and reduce cash based transactions. ”

Taisys Chairman Jason Ho stated, ‘Our mission is Digital India. Taisys’ solution eliminates investment in further infrastructure for digitizing mobile banking in rural and urban India and it will drasticallyhelp accelerate the digitalization of the country!”

YES BANK which has always been very active in leveraging digital technologies, is actively engaged in the Digital India movement, working on areas such as digital payments and mobility helping partners structure and roll out the solutions.

At a time when Apps and SIM are at a cusp and pondering at challenges of connectivity and security in the hands of masses, YES Bank’s partnership with the TAISYS solution, which is Telco and Handset agnostic, can make a huge difference. YES Bank has previously introduced the Mobile Money payment solution in partnership with Nokia and also built an ecosystem through its award winning YES Money solution for masses which helps them digitize their Cash.

India has a large Mobile phone penetration with over 800 million people owning phones. While there are about 200 million smart phones where people may be using Mobile Apps, there is a large population of over 600 million which does not have access to digital payment services through mobile apps. 

This alliance between YES Bank and Taisys will accelerate the Digital India vision of our Prime Minister and render the essential Digital Payment needs of masses through any Mobile handset. YES Bank and Taisys will be unveiling this service at the Mobile World Congress Shanghai 2015.