Spice Money
Industry News
YES BANK-Redefining Customer Experience with Digital India
Publication- Elets Online
Edition- Online
Date- 01 May, 2019
Being the leaders in digital payments, YES BANK is committed to the twin national agenda of Financial Inclusion and Digital India. Our idea is to bring futuristic technologies into banking and make life easier for customers, says Ritesh Pai, Chief Digital Officer, YES BANK, in conversation with Elets News Network (ENN).
Financial Inclusion plays a pivotal role in India’s banking strategy. How does YES BANK support this cause in the digital era?
At YES BANK, we believe that the true power of digitisation lies in making a difference to the lowest common denominator in the society and we remain committed to the twin national agenda of Financial Inclusion and Digital India. YES BANK as a leader in digital payments has taken several laser focused initiatives for financial inclusion such as:
Enabling PIN-less Aadhaar ATM service – YES BANK partnered with NEARBY Technologies, Fintech to offer AEPS solutions and the innovative ATM NEARBY services to customers across India. Using the PayNEARBY mobile application on a smartphone, a retailer can become an Aadhaar ATM / Aadhaar Bank Branch for cash withdrawals and deposits by a customer. In total, YES BANK clocked 2.9 million transactions valuing 6.9 billion from all the AEPS Partners.
Please click on the link below:
UPI registers 782 Mn transaction in April; BHIM on recovery mode
Publication- EN Trackr
Edition- Online
Date- 01 May, 2019
Experts estimation of UPI to cross 1 billion monthly transactions seems possible in the next few months. The NPCI-owned payments railroad has recorded 781.79 million transactions in April. This is almost close to the previous month volume when it registered 799.54 million transactions while the daily average transaction has improved as well.
In terms of transaction value, UPI recorded Rs 1,42,034.39 crore in April surpassing previous month milestone of Rs 1,33,460.72 crore. Considering that April is 30 days month, NPCI-regulated inter-bank electronic funds transfer system (IMPS) has also done well in terms of the daily average transaction amounting to Rs 1,69,197.08 crore. NPCI 2.0 strategy for UPI has worked quite well for the umbrella organisation that processes around half of all digital payment requests in India. The recent data revealed by the organisation reflected that the transaction success rates on the UPI touched around 87% in March 2019 compared with around 78% in April 2018.
Please click on the link below:
Amazon Pay launches person-to-person payments through UPI for Android customers
Publication- Domain - B
Edition- Online
Date- 01 May, 2019
Amazon customers can now make seamless and instantaneous bank-to-bank transfers to their contacts using the UPI platform thanks to the launch of person-to-person (P2P) payments for Android users. Customers can use this functionality to settle bills/expenses with friends, lend/return money to family, pay rents, pay for services like house-help, newspaper bills, milk subscription and more. Customers can also make payments from their bank account to local stores nearby or to Amazon delivery associate at doorstep by scanning UPI QR codes using the Amazon app.
Built on the Government of India-backed UPI platform, customers can send or receive P2P payments by simply selecting a contact from their phone contact book or entering UPI ID or bank account of the recipient, making money transfers more easy and convenient. At present, customers lack simple and intuitive way of making money transfers. The current experience is sub-optimal due to lack of standard user interface, mandatory cool off restriction for new contacts and multiple log in steps. Bank transfers are a high customer friction process, especially for low value, high frequency payments.
Please click on the link below:
WhatsApp Payment to Reach More Countries After Testing in India
Publication- The Quint
Edition- Online
Date- 01 May, 2019
Mark Zuckerberg’s opening keynote at the Facebook Developer Conference 2019, also called F8, might be the shortest one we have ever seen in a while. However, the Facebook CEO didn’t miss out on key aspects that the company is looking to focus on this year.
One of them being WhatsApp Payments.
Zuckerberg announced that after WhatsApp Payment’s “successful testing” in India, the feature is going to be made available across others countries very soon. This year in April, Zuckerberg emphasised how key India is in it’s plans to develop WhatsApp Payments to be a more user friendly platform.
Facebook is upbeat on the growth of digital payments in India and is actively working on launching WhatsApp Pay soon, CEO Mark Zuckerberg said. Facebook daily active users reached 1.56 billion, up 8 percent compared to last year, led by growth in India, Indonesia and the Philippines. Of those, over 400 million users exist in India. Though WhatsApp Payments had introduced the pay feature a while back in its beta version, it could only attract a million users on the platform. The app is still active in its beta version in India.
Please click on the link below: