Yes Bank, a private sector lender in India, has selected online payment solutions startup Click&pay to facilitate cashless, secure and flexible transactions for clients.
Click&Pay, a T-Hub portfolio company, will issue Yes Bank sponsored mobile wallets as a part of this alliance.
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The start-up would process instant proximity transactions with merchants and person to person using IMPS (immediate payment service) payments platform of the bank.
In April 2016, Yes Bank signed a memorandum of understanding with T-Hub, a public/private partnership between the government of Telangana, three of India’s premier academic institutes (IIIT-H, ISB & NALSAR) and key private sector leaders.
Click&pay will reach out to around one million users this year by issuing the Yes Bank sponsored mobile wallet, according to a statement.
Ritesh Pai, senior president and country head-digital banking at Yes Bank said: "As digital banking and payments are gradually becoming an important part of customer relationships, we are investing to build strategic alliances in the digital world to deliver mobile banking and payment experiences that are simple, non-intrusive, rich in contextual content, and are truly cross-channel, covering social and commerce platforms. This partnership with Click&pay will allow us to play a critical role in furthering the next generation of mobile payments."
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By GlobalData"Our vision is to create a vibrant merchant ecosystem where millions of merchants would be able to accept digital payments using Click&Pay. We have on-board around 750 merchants in Hyderabad,"
The start-up plans to expand to other major cities and other sectors, including hotels and resorts, shopping malls and educational institutions.
