YES Bank today reported that will partner with Amazon Pay and Amazon Web Services (AWS), to offer an instant real-time payment framework through the Unified Payment Interface (UPI) transaction facility. UPI facilitates inter-bank peer-to-peer and person to merchant transactions through the YES BANK’s digital payments platform.
The joining permits Amazon Pay to give UPI IDs with the @yapl handle, enabling clients to make secure, fast, and convenient payments. In fiscal 2020-21, YES Bank recorded a piece of the pie of around 40% by volume in the UPI ecosystem and around 30% by volume in the UPI merchant acquiring a business, as indicated by a statement shared by YES Bank today.
The move will grow the bank’s presence in the UPI segment with its payment processing platform facilitated on Amazon web services. In light of a multi-bank model, the cooperation permits the private-sector lender to secure traders through the Amazon Pay platform.
”With this joint effort, we will actually want to offer our clients more control, flexibility, and choice for a tremendous range of purchases and peer-to-peer transactions through UPI-based payments.
As our nation accepts the change of the transaction environment from cash to digital, this ideal reconciliation will allow the bank to more readily serve the evolving payment preferences of our clients, driving a superior and seamless payment experience,” said Mr. Prashant Kumar, MD, and CEO, YES Bank.