Yes Bank partners with TAISYS for mobile payments

Yes Bank has announced that it has entered into a strategic partnership with TAISYS Technologies aimed at redefining delivery of financial services to all Indian citizens. The solution Yes Payments will enable any user owning any type of mobile phone with any Telco, to make mobile payments from anywhere, anytime without internet connectivity, in a completely secure manner.

Yes Bank and Taisys India will work together on a platform to issue ultra-thin mobile payments wafer SIM - worldwide patented technology from TAISYS. This collaboration allows mobile phone users to enjoy secured fund transfer, wallet transfer, merchant payment, VAS payments across the entire segment of mobile devices including feature phones. 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!”

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, will 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.

Once a user attaches the Yes Payments 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.

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 approx 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 exciting service at the Mobile World Congress Shanghai 2015.