CHENNAI: Yes Bank on Monday unveiled BHIM YES PAY, an upgraded version of the existing payment wallet service. The new version will support a comprehensive set of applications provided by the National Payments Corporation of India (NPCI). The wallet not only gives Unified Payments Interface (UPI) as a service but also allows for easy and quick peer-to-peer (P2P) payments through money loaded in wallets, merchant payments through QR code, virtual card access and Bill payment through Bharat Bill Payment Service.
“We continue to focus on building partnerships to drive digital payments while also offering an omni-channel experience on YES Bank platforms,” said Ritesh Pai, chief digital officer, YES Bank.
Distinguishing itself from its peers, Pai said the app recognises which payment method needs to be invoked (Rupay Card/ UPI/ IMPS) to carry-out the transaction. “This is in contrast to the traditional approach in which apps drive users to a payment method like IMPS, UPI and then prompt them to carry out a fund transfer,” he added.
With banks competing to tie up with largest partners and merchants, analysts say the dynamics in the UPI ecosystem is set to transform in the next few months.
HDFC Bank, Axis Bank and ICICI Bank have recently partnered with Chillr app, Samsung and Truecaller, respectively, to power UPI-based payment services. At the moment, there are some 50 banks on the UPI platform. Since BHIM YES PAY’s launch, about two lakh users have availed either UPI or virtual card services to carry out P2P payments. It has also witnessed over two million transactions valuing close to Rs 700 million.