YES Bank today announced that will collaborate with Amazon Pay and Amazon Web Services (AWS), to offer an instant real-time payment system through the Unified Payment Interface (UPI) transaction facility. UPI facilitates inter-bank peer-to-peer and person-to-merchant transactions through the YES BANK’s digital payments platform.
The integration allows Amazon Pay to issue UPI IDs with the @yapl handle, enabling customers to make secure, fast, and convenient payments. In fiscal 2020-21, YES Bank recorded a market share of around 40 per cent by volume in the UPI ecosystem and around 30 per cent by volume in the UPI merchant acquiring business, according to a statement shared by YES Bank today.
The move will expand the bank’s presence in the UPI segment with its payment processing platform hosted on Amazon web services. Based on a multi-bank model, the collaboration allows the private-sector lender to acquire merchants through the Amazon Pay platform.
”With this collaboration, we will be able to offer our customers more control, flexibility and choice for a vast range of purchases and peer-to-peer transactions – through UPI-based payments. As our country embraces the change in the transaction environment from cash to digital, this timely integration will allow the bank to better serve the evolving payment preferences of our customers, driving a superior and seamless payment experience,” said Mr Prashant Kumar, MD & CEO, YES Bank.
The bank has developed a cloud-native UPI processing platform to optimally handle the high traffic of transactions observed during surge periods such as festivals or annual sales. It is hosting its UPI processing platform on Amazon web services. With this, Yes Bank will have more flexibility to scale with the growth in UPI volumes driven by high customer demand.
”Our collaboration with YES BANK is an extension of this effort and unlocks more choices for our customers to pay anyone, anytime, anywhere, on or off Amazon.in. UPI is one of the most convenient and popular ways to pay in India. With a cloud native architecture we hope to keep raising the bar on availability, speed and customer experience using UPI through the Amazon app,” said Mahendra Nerurkar, CEO and Vice President, Amazon Pay.
On Thursday, November 25, shares of YES Bank settled 1.27 per cent higher at Rs 12.73 apiece on the BSE.