Indian private sector bank Yes Bank teamed up with fintech company Wirecard to support financial inclusion in the country.
The partnership seeks to expand the scope of Indian biometric digital payment system, thereby, making banking transactions more accessible to rural and remote areas.
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All Wirecard retail agents based in India will leverage Yes Bank’s infrastructure to serve as customer representatives.
Customers can reach out to these representatives for essential financial services including cash withdrawals, deposits, bank transfers and balance inquiries.
All these transactions are validated with customer’s fingerprint.
Yes Bank chief digital officer Ritesh Pai said: “Financial inclusion and digital payment are core focus areas for Yes Bank and we remain committed to the twin national agenda of Financial Inclusion and Digital India.
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By GlobalData“Through our partnership with Wirecard, we will further proliferate AEPS-based cash withdrawal services, which serves a large part of India’s population residing in semi-urban and rural areas.
“The Bank continues to take strides towards improving last mile inclusion and be at the forefront of the financial inclusion movement in India.”
India’s biometric digital payment system is based on the Aadhaar system, a Government of India initiative.
The system provides every individual with a unique identity number to avail financial as well as other social services.
As of July 2019, more than 1.2 billion residents have biometric Aadhaar card.
