Digital money transfer, payments to become easier with Yes Bank - Phone Pe's UPI app
Flipkart's Phone Pe subsidiary have partnered with Yes Bank to introduce India’s first unified payment interface (UPI) based mobile payments app with a move to significantly disrupt the digital payments landscape across India.
On this occassion, Sameer Nigam, CEO of PhonePe said, “PhonePe offers an experience that is both 100% secure and lightning fast to use. And the best part is that now a consumer’s money will always stay in their bank account - until they spend it”
This app will be free from OTP (one-time-password) transaction which nearly takes time for a authorization process to complete. Phone Pe allows users to link their bank accounts securely to their smartphone using NPCI’s encrypted libraries. After linked, users will be able to authorize money transfers or merchant payments instantly by simply entering their 4-6 digit MPIN. The money will be transferred instantly from the sender’s bank account to the recipient’s bank account without any need of OTP.
Binny Bansal, Group CEO and Co-founder, Flipkart said, “UPI is a watershed moment in the digital payments industry, not just in India but worldwide. I’m thrilled that PhonePe and YES Bank are working together closely to spearhead the digital payments revolution in India.”
While on the partnership, Rana Kapoor, MD & CEO, YES BANK said, “YES BANK is pleased to partner PhonePe and flag off the UPI-based payments revolution in India. Building on the strengths of YES BANK’s banking innovations and Flipkart group’s leadership as India’s largest e-commerce player, I am certain that this partnership will play a vital role in helping reduce cash in our economy and spurring the Digital Payments architecture in India”
Going ahead, PhonePe App users can send or request money to friends and family, without adding any beneficiary’s bank account details. PhonePe users can transfer money to each other by entering a recipient’s mobile number or their virtual private address (VPA).
It doesn't end till there, PhonePe App users now will be able to relish bill-split, mobile recharge and utility bill payment features too. The 75 Million registered customers of Flipkart, Myntra and Jabong will soon be able to pay for all their online shopping using PhonePe as well. PhonePe also offers its customers a digital wallet that can only be topped up by refunds and cashback offers from any of its network merchants.