“We have tied up with Udaipur, Nashik and Puducherry for introducing various solutions for the smart city initiative,” said Ritesh Pai, Senior President and Country Head – Digital Banking at YES BANK.
Reportedly, this venture will be revenue accretive and will help the bank forge newer client relationships, which can be leveraged for cross-sell.
“There is a revenue share arrangement in the contracts which it will be signing with the service providers, which helps the bank get some commission on usage,” he added.
The solutions offered by the bank will include making payments for transport services, civic services and utilities, wherein the smart cities are trying to inculcate cashless payments.
“The city-headquartered bank has gone live with its offering in Udaipur earlier this week and plans to introduce services in Puducherry by end of April and Nashik a month later,” Pai said.
“In Udaipur the bank will be rolling out a RuPay card for payment for government services and retail services in the city,” he added.
“The larger idea is to get all the payments including commuting, grocery, shopping, entertainment, school and college fees, medicines, insurance, travel bookings, utility and bills into the mould,” he explained.
Furthermore, in Nashik services offered by the bank will be concerned on government payments.
In Puducherry, the bank will be launching a prepaid card for tourists which can be used for payments for a slew of services.
Under the smart cities initiative, the Union government is targeting to turn nearly 100 urban centres ‘smart’ through internet and communications technology solutions, which will use tech like Internet of Things.