YES Bank announced today that it will cooperate with Amazon Pay and Amazon Web Services (AWS) to provide an instant real-time payment system through a unified payment interface (UPI) transaction facility. UPI facilitates peer-to-peer and individual-to-business transactions between banks through YES BANK’s digital payment platform.
The integration allows Amazon Pay to use the @yapl handle to issue UPI IDs, enabling customers to make secure, fast, and convenient payments. According to a statement shared by YES Bank today, in the 2020-21 fiscal year, YES Bank’s market share in the UPI ecosystem is about 40%, and its market share in UPI’s merchant acquiring business is about 30%.
This move will expand the bank’s influence in the UPI field through its payment processing platform hosted on Amazon Web Services. The cooperation is based on a multi-bank model that allows private sector lenders to acquire merchants through the Amazon Pay platform.
”Through this cooperation, we will be able to provide our customers with more control, flexibility and choice through UPI-based payments for a wide range of purchases and peer-to-peer transactions. As our country accepts changes from cash to the digital transaction environment, this timely integration will enable banks to better serve our customers’ changing payment preferences and promote a superior and seamless payment experience,” said Prashant Kumar, MD Said Mr. YES Bank CEO.
The bank has developed a cloud-native UPI processing platform to optimize the processing of high transaction volumes observed during peak periods such as holidays or annual sales. It hosts its UPI processing platform on Amazon Web Services. With this, Yes Bank will have greater flexibility to expand as the number of UPIs driven by high customer demand grows.
“Our cooperation with YES BANK is an extension of this effort and provides our customers with more options, allowing them to pay anyone on Amazon.in anytime, anywhere. UPI is the most convenient and most popular in India One of the payment methods. With the help of cloud-native architecture, we hope to use UPI through Amazon applications to continue to improve the standards of usability, speed and customer experience,” said Mahendra Neurkar, CEO and Vice President of Amazon Pay.
On Thursday, November 25, YES Bank shares closed up 1.27% on the BSE to 12.73 rupees per share.