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YES Bank introduces ‘wafer SIMs’ to enable data-less mobile payments

wafer-SIM

YES BANK, India’s 5th largest private sector Bank, has introduced a service using which any user owning any type of mobile phone with any operator can make mobile payments from anywhere, anytime without internet connectivity in a completely secure manner.

For ‘YES PAYMENTS’, the bank has entered into a strategic partnership with TAISYS Technologies.

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.

The technology will let mobile phone users to enjoy secured fund transfer, wallet transfer, merchant payment, VAS payments across the entire segment of mobile devices including feature phones, YES Bank said.

“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,” it said.

Commenting on the partnership, Mr. 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.

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.

YES BANK and TAISYS will be unveiling this exciting service at the Mobile World Congress Shanghai 2015.

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