YES Bank today announced that it will work with Amazon Pay and Amazon Web Services (AWS) to offer a real-time instant payment system through the Unified Payment Interface (UPI) transaction function. UPI facilitates peer-to-peer and person-to-merchant interbank transactions through YES BANK’s digital payment platform.
The integration allows Amazon Pay to issue UPI credentials with the @yapl handle, allowing customers to make secure, fast and convenient payments. In fiscal year 2020-2021, YES Bank achieved a market share of around 40% by volume in the UPI ecosystem and around 30% by volume in the UPI merchant acquisition activity, according to a statement shared by YES Bank today.
The move will expand the bank’s presence in the UPI segment with its payment processing platform hosted on Amazon’s web services. Based on a multi-bank model, the collaboration allows the private sector lender to acquire merchants through the Amazon Pay platform.
With this collaboration, we will be able to offer our customers more control, flexibility and choice for a wide range of peer-to-peer purchases and transactions – through UPI-based payments. As our country embraces the changing environment for transactions from cash to digital, this timely integration will enable the bank to better serve the ever-changing payment preferences of our customers, delivering a superior and seamless payment experience. Said Mr. Prashant Kumar, MD & CEO, YES Bank.
The bank has developed a cloud-native UPI processing platform to optimally handle the high transaction traffic seen during peak periods such as festivals or annual sales. It hosts its UPI processing platform on Amazon Web Services. With this, Yes Bank will have more flexibility to scale with the growth in UPI volumes driven by strong customer demand.
Our collaboration with YES BANK is an extension of that effort and opens up more choices for our customers to pay anyone, anytime, anywhere, on or off Amazon.in. UPI is one of the most convenient and popular payment methods in India. With a cloud native architecture, we hope to continue raising the bar for uptime, speed and customer experience using UPI through the Amazon app, ”said Mahendra Nerurkar, CEO and Vice President of Amazon Pay.
On Thursday, November 25, YES Bank shares rose 1.27% to Rs 12.73 each on BSE.