On December 5, 2021, the Ministry of Electronics and Information Technology (MeitY) organized ‘Digital Payment Utsav’ at the India Habitat Centre in New Delhi, Delhi as a part of the week-long ‘Azadi Ka Digital Mahotsav’ (November 29 – December 5, 2021). It was attended by Union Minister Ashwini Vaishnaw, Ministry of Electronics and Information Technology (MeitY); and MoS Rajeev Chandrasekhar, MeitY, among others.
- The day/utsav acknowledged the rise of digital payments in India by bringing together leaders from the Government, Banking, financial services and insurance (BFSI), and startups.
- Notably, the total digital transaction volume has increased from Rs 2,071 crore in FY2018 to Rs 5,551 crore in FY2021.
New Launches during Event:
During the utsav, the Union Minister launched various initiatives viz. unveiling of the DIGIDHAN logo, launch of an awareness campaign called Digital Payments Sandesh Yatra with digital payments anthem titled ‘Chutki Baja ke’ (cashless, touchless, paperless), an Awards ceremony for banks and fintechs namely ‘Digidhan Awards’ for their achievements and promotion of digital payments in FY 2019-20 and FY 2020-21.
Launch of Innovative Solutions:
Payments On the Go: City Union Bank (CUB) launched Rupay-on-the-Go.
Inclusive Credit for All: India Post Payments Bank (IPPB), Punjab National Bank (PNB), Kotak Bank, YES Bank, Indian Overseas Bank (IOB), ICICI (Industrial Credit and Investment Corporation of India) Bank, Indian Bank, Bank of Maharashtra (BoM), and City Union Bank (CUB) launched Contactless Credit cards on the RuPay network.
Empowering Small Merchants: Union Bank announced an android-based SOFTPOS mobile app for Point of Sales (PoS), which will further the cause of digital payment adoption.
Yes Bank launches RuPay-branded Credit Card on Payment Platform in partnership with NPCI
The Yes Bank joined hands with National Payments Corporation of India (NPCI) to launch RuPay-branded credit card on Payment Platform to enhance the scope of purchase for its customers.
- The announcement for the same was made during the Digital Payments Utsav at New Delhi in the presence of This card is a variant of YES Prosperity Rewards Plus credit card developed for the Bank’s YES Prosperity segment.
- It should be noted that RuPay card payment network is developed by NPCI.
How will this card be beneficial for customers?
It offers multiple benefits for customers viz. rewards points that mount up with every purchase on the Card, fuel surcharge waiver, accelerated rewards points on YES Cart and merchant offers enabled by the Bank in collaboration with NPCI.
- It also offers special deals for Yes Bank Credit card holders across various merchant categories to increase their savings.
Other events:
i.Various cultural activities were held during the event along with flash Mob, Sand Artist performance, and 40 varied stalls by banks & fintechs.
ii.MeitY also recognised the contribution of four payment system aggregators for onboarding street vendors under the PM SVANidhi (Prime Minister Street Vendor’s AtmaNirbhar Nidhi) Scheme.
Other Participants:
Ajay Sawhney, Secretary, MeitY; Debjani Ghosh, President, NASSCOM (National Association of Software and Service Companies), among others
Recent Related News:
MyGov India, under the Ministry of Electronics and Information Technology (MeitY), launched the ‘Planetarium Innovation Challenge’ for Indian start-ups and tech entrepreneurs.
About Yes Bank:
Managing Director & CEO– Prashant Kumar
Headquarter– Mumbai, Maharashtra
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