Yes Bank announced its collaboration with Amazon Pay and Amazon Web Services (AWS), to offer customers an instant real-time payment system via a UPI transaction facility.
The integration enables Amazon Pay to issue UPI IDs with the @yapl handle, allowing customers to make secure, fast, and convenient payments.
Based on a multi-bank model, this collaboration allows Yes Bank to acquire merchants through the Amazon Pay platform, further extending the Bank’s presence in the UPI merchant business segment, it said in a press release.
Yes Bank has developed a cloud-native UPI processing platform to optimally handle the high traffic of transactions observed during surge periods like festivals or annual sales. The Bank is hosting its UPI processing platform on AWS. With AWS, the Bank will have more flexibility to scale with the exponential growth in UPI volumes driven by high customer demand.
Prashant Kumar, MD & CEO, Yes Bank, said, “With this collaboration, we will be able to offer our customers more control, flexibility and choice for a vast range of purchases and peer-to-peer transactions – through UPI-based payments.”
Mahendra Nerurkar, CEO and Vice President, Amazon Pay, added, “It is our endeavor to make digital payments trusted, convenient, and rewarding for customers across India. Our collaboration with Yes Bank is an extension of this effort and unlocks more choices for our customers to pay anyone, anytime, anywhere, on or off Amazon.in.”
Puneet Chandok, President, Commercial Business, AWS India and South Asia, AISPL said, “This platform is available to customers and offers Yes Bank the ability to continuously add new features and services focused on enhancing customer experience.”
