Indian private sector lender Yes Bank has teamed up with Flipkart subsidiary PhonePe to launch the first Unified Payments Interface (UPI) based mobile payments app in India.
Mobile payments start-up PhonePe enables users to link their bank accounts to their smartphones using encrypted libraries of National Payments Corporation of India (NPCI), following which users can authorise transactions instantly by entering their 4-6 digit MPIN.
This eliminates the need to enter one time password for authorising transactions.
PhonePe App users will be able to send or request money to friends and family, without the requirement of knowing the bank account details of the beneficiary. They can also make fund transfers to each other by entering a recipient’s mobile number or their virtual private address (VPA).
In addition, the app also includes bill-split, mobile recharge and utility bill payment features, as well as will offer users a digital wallet that can only be topped up by refunds and cashback offers from any of its network merchants.
Yes Bank MD and CEO Rana Kapoor said “YES BANK is pleased to partner PhonePe and flag off the UPI-based payments revolution in India.
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“Building on the strengths of YES BANK’s banking innovations and Flipkart group’s leadership as India’s largest e-commerce player, I am certain that this partnership will play a vital role in helping reduce cash in our economy and spurring the Digital Payments architecture in India.”
Going ahead, Flipkart, Myntra and Jabong customers will be able to pay for online shopping through PhonePe.
PhonePe CEO Sameer Nigam said: “Existing digital payment solutions such as netbanking, debit cards and digital wallets force Indian consumers to choose between a highly secure or an easy payment experience. PhonePe offers an experience that is both 100% secure and lightning fast to use. And the best part is that now a consumer’s money will always stay in their bank account – until they spend it.”