Yes Bank Limited(YES Bank) partnered with Juspay Technologies Private Limited (Juspay), India’s leading payments company, to launch HyperUPI, a plug-in Software Development Toolkit (SDK) developed by the National Payments Corporation of India (NPCI) that empowers in-app Unified Payments Interface (UPI) payments for merchant apps.
- With this, the merchants can now offer customers a hassle-free one-click UPI experience. This will also allow customers to undertake UPI-based transactions within the merchant app.
- This plug-in SDK is built on one of the most reliable UPI-on-cloud stacks in India, which also supports UPI payments for several consumer and merchant apps.
Simplified Payment Experience:
i.The UPI plug-in SDK simplifies and streamlines the payment experience and leads to a remarkable four-fold improvement in transaction speed and a success rate of over 90%.
ii.HyperUPI aims to empower businesses to seamlessly integrate UPI into their apps, providing customers with an unparalleled payment experience
Features:
i.HyperUPI differs from the standard UPI as it integrates directly into merchant apps, allowing for a more streamlined payment process with features like Mandates (recurring payments) and Third-party Validation (TPV), etc.
ii.It also provides merchants with a no-code platform, enabling them to design a user interface that integrates seamlessly with their app’s theme and branding.
iii.This service can be easily incorporated into the merchant’s apps across various technical frameworks such as React-Native, Flutter, and Cordova, etc.
Key Points:
i.In addition, Yes Bank has utilised this plug-in SDK infrastructure to develop the Payment Service Provider (PSP) app ‘YES PAY NEXT‘, which offers comprehensive UPI services, including person-to-person payments and pull payments, seamlessly.
ii.With HyperUPI Plug-in SDK, customers can complete their UPI payment in less than 5 seconds.
iii.Juspay became the first fintech startup to build the UPI PSP on the cloud, which has recorded an uptime of 99.99+% and the highest Transaction per Second (TPS) Rate of Rs. 5000.
Gullak Partners with Juspay; Becomes 1st in India to Implement UPI Plugin SDK
- Gullak, a leading fintech app, has become the first merchant to deploy Juspay’s UPI plugin SDK, HyperUPI.
- NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment & Settlement Infrastructure in India.
Yes Bank & BriskPe Partnered to Enable Cross-border Payments for MSMEs by BriskPe A2A Solution
GoBrisk Technologies Pvt Ltd. (BriskPe), a Mumbai (Maharashtra) based payments fintech company, and Yes Bank partnered to introduce BriskPe Account-to-Account (A2A), a cutting-edge suite of solutions designed to empower exporters and importers.
- This collaboration represents a significant milestone in the world of cross-border payments, benefiting Micro, Small, and Medium Enterprises (MSMEs) operating in the manufacturing and services sectors.
Note: BriskPe extends its reach beyond borders, by the establishment of its subsidiary, BriskPe Technologies Inc., situated in Vancouver, British Columbia, Canada.
Cross Border A2A:
i.This strategic partnership enables BriskPe’s customers to collect payments in over 36 foreign currencies, spanning more than 180 countries.
ii.The funds can then be converted into Indian Rupees (INR) and settled directly into their local bank accounts in India within a single business day.
About the Partnership:
i.Based on Yes Bank’s Online Payment Gateway Service Providers (OPGSP) Export Application program interfaces (APIs), the product is set to reshape the international trade landscape with features like real-time transaction processing and instant Electronic Foreign Inward Remittance Advice (eFIRA) generation.
ii.Under this partnership, Yes Bank aims to contribute and strongly align with the government of India’s vision of boosting the MSME sector and transforming India into a Global export powerhouse.
iii.The mission of BriskPe aims to empower Indian MSMEs, enabling them to not only compete but also develop on the global stage.
iv.The partnership will bring together BriskPe’s expertise and YES BANK’s advanced digital banking capabilities.
v.This partnership signifies a new era in cross-border payments, providing a seamless and efficient platform for Indian exporters to navigate the complexities of international trade and bolster their global competitiveness.
- Their focus is on providing cost-effective, top-tier payment solutions tailored to the needs of Indian businesses involved in international trade.
Recent Related News:
In May 2023, Cashfree Payments partnered with Yes Bank to offer ‘Global Collections’, an international collection service for Indian exporters with a Yes Bank account, to simplify the way Indian exporters receive payments from across the world.
About Yes Bank Limited:
Managing Director & Chief Executive Officer– Prashant Kumar
Headquarters– Mumbai, Maharashtra
Established in– 2004
