YES Bank is partnering with Lastmile.mobi to introduce the IRIS EMV PoS solution which integrates card and UPI payments, Aadhaar E-KYC and Aadhaar E-signing on a ready to use basis. This follows RBI’s advice to banks to use Aadhaar-based biometric authentication for card present transactions. The device allows biometric authentication through iris scanning and has multiple functionalities serving the purpose of a PoS terminal as well as an ATM, including cash deposits and withdrawals through BCs, payments through cards, transfer of funds, balance enquiry, electronic KYC verification and even digital signatures. The solution will enable YES Bank to not only do billing and accept payments for SMEs but also equip them to disburse small loans completely electronic at any time to the participating merchants. The integrated solution uses processors of Qualcomm Technologies for advanced connectivity capabilities. Ritesh Pai, country head of Digital Banking of the bank, said the partnership with Lastmile.mobi and the use Qualcomm Snapdragon processors will help bring banking to a customer’s doorstep and also empower MSMEs to perform an entire gamut of financial transactions.
