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Yes Bank launches new digital wallet

Yes Bank has launched ‘Yuva Pay’, a unique digital wallet to enable contactless payments. The bank has collaborated with UDMA Technologies is in line with its fast-track innovation efforts of enabling communities to experience the convenience of digital banking services. The digital wallet is issued under minimum KYC regulations, combined with bill payments via Bharat Bill Pay and UPI. Using the wallet customers can pay utility bills mobile bills, license fees, windmill and solar park fees, etc along with insurance policy renewal, FASTag recharge, EMI payment, school fees etc. The wallet will be first implemented by the State Rural Development & Panchayat Raj Department, Karnataka and the first phase will cover 158 gram panchayats with 238 villages. Subsequently, this program will be rolled out to 6200 gram panchayats covering 12 million households across 29,000 villages in the second phase. Anita Pai, Chief Operating Officer, Yes Bank, said this unique endeavour is yet another step taken by the bank towards achieving the government’s vision of Digital India by converting all paper transactions into paperless digital transactions. The program also aims to make the low-income groups transition to digital and contactless transactions by enabling wider access to secure electronic payment services, she added. Prashanth Naik, CEO, UDMA Technologies, said the company intends to replicate this solution across the country, specifically in the rural segment where internet connections may be an issue and feature phone is prevalent.

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