Yes Bank, the private sector lender has partnered with Mobile-based payment solutions Click&pay, T-Hub’s portfolio company, to facilitate cashless, secure and flexible transactions for customers. As a part of this alliance, Click&pay will issue Yes Bank sponsored mobile wallets and employ Yes Bank’s immediate payments service (IMPS) payments platform which will help Click&pay to process instant proximity transactions with merchants and person to person. In the month of April, Yes Bank signed a Memorandum of Understanding (MoU) with T-Hub, a unique public/private partnership between the government of Telangana, three of India’s premier academic institutes (IIIT-H, ISB & NALSAR) and key private sector leaders.
Click&pay will reach out to approximately 1 Million users this year by issuing the Yes Bank sponsored mobile wallet. The target customer base will fall in the age group of 18-40 years, spread across Tier 1 and 2 cities in India. This partnership will allow Click&pay to also strengthen its merchant base, currently the company has on boarded close to 750 merchants in various sectors like food and beverage, clothing, fitness and lifestyle in Hyderabad as a part of first city expansion plan. Gradually, it will be expanding to other major cities and sectors like hotels and resorts, shopping malls and educational institutions.
Sai Sandeep. S, Co-Founder, Click&pay said in a statement:
“With this partnership, we are bringing the cutting edge online payments technology and a bouquet of conventional banking services together for one of its kind in the history of Digital payments. Our vision is to create a vibrant merchant ecosystem where millions of merchants would be able to accept digital payments using Click&pay. We have on-boarded around 750 merchants in Hyderabad. This is a kind of news customers will be seeing more and more, as we continue to differentiate Click&pay in a crowded market place,”
Mr. Ritesh Pai, Senior President and Country Head – Digital Banking, YES BANK, has said:
“As digital banking and payments are gradually becoming an important part of customer relationships, we are investing to build strategic alliances in the digital world to deliver mobile banking and payment experiences that are simple, non-intrusive, rich in contextual content, and are truly cross-channel, covering social and commerce platforms. This partnership with Click&pay will allow us to play a critical role in furthering the next generation of mobile payments,”