Aiming to facilitate its customers with cashless, secure and flexible transactions, private sector lender Yes Bank has partnered with Mobile- based payment solutions Click&Pay, T- Hub’s portfolio company.
Click&pay will now issue mobile wallets sponsored by Yes Bank and also employ Yes Bank’s immediate payments service (IMPS) platform, which will help in processing instant proximity transactions with merchants and person to person.
Ritesh Pai, senior president and country head of digital banking, YES BANK, said, “As digital banking and payments are becoming an important part of customer relationships, we are investing in building strategic alliances in the digital world to deliver mobile banking and payment experiences that are simple, non-intrusive, rich in contextual content, and are truly cross-channel, covering social and commerce platforms.”
Yes Bank has signed a Memorandum of Understanding (MoU) with T-Hub in April, which is a unique public/private partnership between the government of Telangana, three of India’s premier academic institutes (IIIT-H, ISB & NALSAR) and key private sector leaders.
Click&pay would reach out to approximately 1 Million users this year by issuing the Yes Bank sponsored mobile wallet. The target customer base will fall in the age group of 18-40 years, spread across Tier 1 and 2 cities in India.
Sai Sandeep. S, Co-Founder, Click&pay said in a statement, “Our vision is to create a vibrant merchant ecosystem where millions of merchants would be able to accept digital payments using Click&pay. We have on-boarded around 750 merchants in Hyderabad. This is a kind of news customers will be seeing more and more, as we continue to differentiate Click&pay in a crowded marketplace.”
The alliance will allow Click&pay to also strengthen its merchant base. The company has on board various sectors like food and beverage, clothing, fitness and lifestyle in Hyderabad as a part of the first city expansion plan. Gradually, it will be expanding to other major cities and sectors like hotels and resorts, shopping malls and educational institutions.