YES BANK collaborates with Amazon Pay and Amazon Web Services (MINT_PRINT)

Sure Financial institution companions Amazon Pay for UPI transactions. Learn extra

Sure Financial institution has at this time introduced its collaboration with Amazon Pay and Amazon Net Providers (AWS), to supply clients an prompt real-time cost system by way of a UPI transaction facility. UPI facilitates inter-bank peer-to-peer and person-to-merchant transactions via Sure Financial institution’s digital funds platform, and expands Sure Financial institution’s digital banking choices. 

The mixing allows Amazon Pay to subject UPI IDs with the @yapl deal with, permitting clients to make safe, quick, and handy funds.  In FY 2020-21, YES BANK recorded a market share of round 40% by quantity within the UPI ecosystem and round 30% by quantity within the UPI service provider buying enterprise.

Primarily based on a multi-bank mannequin, this collaboration permits Sure Financial institution to accumulate retailers via the Amazon Pay platform, extending the Financial institution’s presence within the UPI service provider enterprise section.

Sure Financial institution has developed a cloud-native UPI processing platform to deal with the excessive site visitors of transactions noticed throughout surge intervals like festivals or annual gross sales. The Financial institution is internet hosting its UPI processing platform on AWS. 

Prashant Kumar, MD & CEO, Sure Financial institution, stated, “In our efforts to supply larger ease and comfort to our clients by frequently simplifying cost journeys for them, YES BANK is happy to announce its partnership with Amazon Pay and AWS. With this collaboration, we can provide our clients extra management, flexibility and selection for an unlimited vary of purchases and peer-to-peer transactions – via UPI-based funds.”

Mahendra Nerurkar, CEO and Vice President, Amazon Pay, added, “Our collaboration with YES BANK is an extension of this effort and unlocks extra selections for our clients to pay anybody, anytime, wherever, on or off UPI is without doubt one of the most handy and standard methods to pay in India. With a cloud native structure we hope to maintain elevating the bar on availability, velocity and buyer expertise utilizing UPI via the Amazon app.”

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