Yes Bank partnered with UDMA Technologies to launch its digital wallet solution called ‘Yuva Pay’ to enable contactless payments for its customers. The digital wallet issued under minimum KYC regulations to Yes Bank will offer bill payments via Bharat Bill Pay and provide Unified Payments Interface (UPI) facility to customers.
The application will allow the users to pay their utility bills like electricity, municipal, water, house, mobile bill among others. It will also help them to make insurance renewals, FASTag recharges, EMI payments and also paying at retail outlets.
“The program also aims to make the low-income groups transition to digital and contactless transactions by enabling wider access to secure electronic payment services,” said Anita Pai, chief operating officer at Yes Bank. The app will also provide the services of a banking up like fund transfer, account balance check, recharges and top ups.
The app will also be available for feature phone sets and will use Interactive Voice Response Services (IVRS) wherein all transactions are proceeded securely via OTP and T-Pin (telephone pin) authentication.
According to a statement released by the company, “The first live program of the solution will be implemented by the Rural Development & Panchayat Raj Department, Karnataka, and the first phase will cover 158 gram panchayats with 238 villages.” Gradually, the program would be rolled out to 6,200 gram panchayats covering 12 million households across 29,000 villages in the second phase.