Amid the problems being faced due to demonetisation, payment providers are striving in innovating new digital payment options for masses. The payment providers are facing a major setback in the smooth roll out of the digital payment options due to lack of active Internet connection and unavailability of required feature phones in the rural areas.
Offering a solution to this challenge, private sector lender YES Bank in its latest attempt announced the launch of its product called SIMsePay.
The product uses a SIM jacket to enable mobile banking on any phone. A SIM jacket is a smart sticker which can be pasted on an existing SIM card to instal a mobile banking app as a SIM toolkit.
In July, 2015, YES Bank had partnered with Taisys Technologies for these mobile banking SIM jackets back.
YES Bank is targeting customers of rural and district co-operative banks which do not have a mobile banking application of their own. It has tied up with District Co-Operative Bank, Dehradun and will be tying up with 10-12 co-operative banks in the coming weeks. Customers of these banks can get the SIMsePay stickers from bank branches.
In the second phase, YES Bank will have a more direct approach with customers and distribute them through their network of banking correspondents. The bank plans to garner a base of 500,000 SIMsePAY users by 2017.
The sticker can work on standard, micro or nano SIMs of any telecom service provider. The SIMsePAY sticker will be linked to a co-branded prepaid wallet (which can be loaded up to Rs 50,000) or a prepaid card issued by YES Bank.
Customers can load money in the wallet via IMPS of NEFT and co-operative bank employees will be helping customers to load money initially. The wallet is bank agnostic and a customer from any bank can transfer funds into the wallet.