YES bank has established a cloud-native UPI processing platformYES Bank today revealed that will team up with Amazon Pay and Amazon Web Solutions (AWS), to offer an instant real-time payment system through the Unified Payment User Interface (UPI) transaction facility.
UPI assists in inter-bank peer-to-peer and person-to-merchant transactions through the YES BANK's digital payments platform.The combination allows Amazon Pay to provide UPI IDs with the @yapl manage, allowing customers to make protected, quickly, and hassle-free payments.
In fiscal 2020-21, YES Bank recorded a market share of around 40 percent by volume in the UPI community and around 30 percent by volume in the UPI merchant obtaining business, according to a statement shared by YES Bank today.The relocation will broaden the bank's presence in the UPI segment with its payment processing platform hosted on Amazon web services.
Based upon a multi-bank model, the collaboration allows the private-sector lending institution to get merchants through the Amazon Pay platform.
With this partnership, we will be able to provide our customers more control, versatility and choice for a vast range of purchases and peer-to-peer transactions - through UPI-based payments.
As our nation welcomes the change in the transaction environment from money to digital, this timely integration will permit the bank to much better serve the progressing payment preferences of our clients, driving a superior and smooth payment experience, stated Mr Prashant Kumar, MD - & CEO, YES Bank.The bank has established a cloud-native UPI processing platform to optimally deal with the high traffic of deals observed throughout rise periods such as festivals or yearly sales.
It is hosting its UPI processing platform on Amazon web services.
With this, Yes Bank will have more flexibility to scale with the development in UPI volumes driven by high consumer demand.
Our collaboration with YES BANK is an extension of this effort and opens more options for our consumers to pay anybody, anytime, anywhere, on or off Amazon.in.
UPI is among the most convenient and popular methods to pay in India.
With a cloud native architecture we want to keep raising the bar on accessibility, speed and customer experience utilizing UPI through the Amazon app, stated Mahendra Nerurkar, CEO and Vice President, Amazon Pay.On Thursday, November 25, shares of YES Bank settled 1.27 per cent higher at Rs 12.73 each on the BSE.