Looking for contactless payment options? Yes Banks Yuva Pay gives one
Want to make contactless payments, here is one more option before you. Yes Banks recent launch of Yuva Pay - a digital wallet can help you do that. The wallet has been launched to promote contactless payments, the bank says in its media release
Want to make contactless payments, here is one more option before you. Yes Bank’s recent launch of ‘Yuva Pay’ – a digital wallet can help you do that. The wallet has been launched to promote contactless payments, the bank says in its media release.
The facility launched in partnership with UDMA Technologies, requires minimum KYC regulations, the release said adding that the wallet provides bill payments facility through Bharat Bill Pay and Unified Payments Interface (UPI).
The first live program of the solution will be implemented by State Rural Development & Panchayat Raj Department, Karnataka and the first phase will cover 158 gram panchayats with 238 villages, the release said. Subsequently, this program will be rolled out to 6200 gram panchayats covering 12 million households across 29,000 villages in the second phase, it further said.
Activate the unique feature by this simple process:
-- Feature Phone Users - Visit the nearest ‘Yuva Mitra’ associate to complete minimum or full KYC verification process. On verification the wallet can be used through Interactive Voice Response Services (IVRS) wherein all transactions are processed securely via OTP & T-PIN authentication.
-- Smart phone Users - Download the ‘Yuva Pay’ mobile application from Android play store and complete the minimum KYC requirements. Add money to the wallet. As per RBI guidelines, the user will need to complete biometric based KYC process within 24 months after wallet activation. In case of no internet connection, the payment and collection request is converted into an encrypted SMS and the transaction is completed in offline mode.
The app ensures contactless payments as it works on a unique algorithm based protocol, the release claimed. It sends data securely to the Bank on real time basis, resulting in a seamless transaction for the user without depending on internet, the release said.
See Zee Business Live TV Streaming Below:
Yuva Pay also doubles up as a banking app for funds transfer, account balance check, recharges or top ups, bill payments and rewards platform.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.