Private lender Yes Bank has joined hands with UDMA technologies to unveil digital wallet solution ‘Yuva Pay’. This new product from the lender will help the customers with contactless payments.
The digital wallet is issued under minimum KYC regulations to Yes Bank. It will be offering bill payments via Bharat Bill Pay and provide Unified Payments Interface (UPI) facility to the customers.
With the help of this app, customers will be able to pay their utility bills such as municipal, house, water tax, electricity, LPG, DTH, Mobile bill, license fees), make insurance renewals, FASTag recharges, EMI payments, and use the app to make payments at retail outlets.
“The program also aims to make the low income groups transition to digital and contactless transactions by enabling wider access to secure electronic payment services,” said Anita Pai, chief operating officer, Yes Bank.
Smartphone users willing to use this app, have to complete a biometric based KYC process within 24 months after wallet activation to start using the services online. For feature phone users, customers will have to visit the nearest ‘Yuva Mitra’ associate and furnish the minimum or full KYC verification process, said the Bank.
For feature set users, Yuva Pay will be leveraging Interactive Voice Response Services (IVRS) wherein all transactions are processed securely through OTP and T-PIN (telephone pin) authentication.