Supporting the government’s ‘Digital India’ drive, YES Bank on Monday unveiled BHIM YES PAY, an updated-wallet, by fully integrating the application with all the IndiaStack APIs and National Payment Corporation of India (NPCI) products. The updated application, which is available for Android users and will soon be made available for iOS users, integrates three other products of NPCI – RuPay Virtual Card, BharatQR and BBPS – in addition to other payment infrastructure like UPI and IMPS, the bank said in a release.
YES Bank claims to have over 5.5 lakh registered users on BHIM YES PAY and more than 2 lakh users have already availed either UPI or Virtual Card Services to carry out P2P payments and online shopping. Since launch, it has witnessed over 2 million transactions, valuing close to Rs 700 million.
With the RuPay virtual card integrated in their BHIM YES PAY wallet, users can also utilize their wallet balance to make payments across websites and applications online, similar to how they currently use their debit cards but without the hassle of carrying one along.
BharatQR aims to eliminate the need for point-of-sale terminals by allowing users to pay using their cards simply by scanning a QR code at any retail outlet. The advantage is two-fold — customers need not carry their cards anymore and shopkeepers need not invest in point-of-sale machines to read cards at their end.
Also, with the third service, the Bharat Bill Payment Service (BBPS), a centralized one point bill payment service, BHIM YES PAY users can directly pay all their bills instantly at once, from their mobile app.
Announcing the new BHIM YES PAY, Ritesh Pai, Chief Digital Officer, YES BANK, said, “The BHIM YES PAY wallet now offers unparalleled options to the users and merchants for payments in multiple use cases, making it a comprehensive solution. We will soon launch FastTag too, which will facilitate easy toll payments, and look forward to widespread adoption of the digital payment products bolstered by superior customer experience on BHIM YES PAY.”