Yes Bank launches a digital wallet solution(app)‘Yuva Pay’ in partnership with UDMA Technologies Pvt Ltd to enable contactless payments for its customers. The wallet is issued under minimum Know Your Client (KYC) regulations.
- The solution aims to help the low income group to access the digital and contactless transactions, which will enable broad access to secure electronic payment services.
Features of Yuva Pay
Multi-Payment Option
i.Through this wallet utility bills like municipal, house, water tax, electricity, Liquefied Petroleum Gas(LPG), Direct to Home(DTH), mobile phone bill, licence fee, windmill and solar park fee, building sanction fees and billboard taxes can be paid through Bharat Bill Pay and Unified Payments Interface (UPI).
ii.In addition to this , insurance renewal, FASTag recharge, Equated Monthly Installment (EMI) payment, school fee payment & retail outlets payment can be made.
Accessibility– The solution can be accessed on Smart & Feature phones. It also can be with & without Internet, where users need not depend on Internet Bandwidth (2G/3G/4G) for Digital Payment.
Flexibility– It is User-Friendly, Multilingual, Single Click, Hassle Free & enable seamless transactions
Security– The solution has End to End Encryption with Multi-factor authentication which prevents hacking and Enables Privacy Protection
Implementation
1st phase– 1st live programme of the solution will be implemented by the Rural Development & Panchayat Raj Department, Karnataka, which will cover 158 gram panchayats with 238 villages.
2nd phase– The 2nd phase of the programme will be implemented in 6,200 gram panchayats, which covers 12 million households across 29,000 villages.
About UDMA Technologies Pvt Ltd:
Headquarters– Karnataka
Founder & Chief Executive Officer(CEO)– Prashanth B
About Yes Bank:
Headquarters– Mumbai, Maharashtra
Managing Director(MD) & CEO– Prashant Kumar
