By Tricityews Reporter
Chandigarh
30th October:- Yes Bank, India’s fifth largest private sector Bank unveiled a
superior payment wallet service, BHIM
YES PAY by fully integrating the application with all the
IndiaStack APIs and NPCI Products. Yes Bank has over 5.5 lakh registered users on BHIM
YES PAY and more than 2 lakh users have
already availed either UPI or Virtual Card Services to carry out P2P payments
and online shopping. Since launch we have witnessed over 2 million transactions valuing close to INR
700 million.
The freshly updated application, BHIM YES PAY, which is available
for Android Users and will soon be made
available for iOS users, integrates three other products of National Payment
Corporation of India (NPCI)– RuPay Virtual Card, BharatQR and BBPS in addition
to other payment infrastructure like UPI and IMPS.
With the RuPay virtual card integrated
in their BHIM YES PAY wallet, users can also utilize their wallet balance to
make payments across websites and applications online, similar to how they
currently use their debit cards but without the hassle of carrying one along.
BharatQR aims to eliminate the need for
point-of-sale terminals by allowing users to pay using their cards simply by
scanning a QR code at any retail outlet. The advantage is two-fold - customers
need not carry their cards anymore and shopkeepers need not invest in
point-of-sale machines to read cards at their end.
Also, with the third service, the
Bharat Bill Payment Service (BBPS), a centralized one point bill payment
service, BHIM YES PAY users can directly pay all their bills instantly at once,
from their mobile app.
Announcing the new BHIM YES PAY, Ritesh Pai, Chief Digital Officer, Yes Bank said
that we are happy to launch Yes Bank’s payment wallet’s new avatar ‘BHIM YES
PAY’ to mark the full-suite integration of the IndiaStack APIs and NPCI
Products. The BHIM YES PAY wallet now offers unparalleled options to the users
and merchants for payments in multiple use cases making it a comprehensive
solution. We will soon launch FastTag too which will facilitate easy toll
payments and look forward to widespread adoption of the digital payment
products bolstered by superior customer experience on BHIM YES PAY.”
India Stack is a set of APIs that
allows governments, businesses, startups and developers to utilize a unique
digital Infrastructure to enable India to move towards presence-less,
paperless, and cashless service delivery.
The BHIM YES Pay application is
available for download at https://onelink.to/
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