Yes Bank has partnered with Amazon Pay and Amazon Web Services (AWS), to offer customers an instant real-time payment system via a UPI transaction facility. UPI facilitates inter-bank peer-to-peer and person-to-merchant transactions through YES BANK’s digital payments platform, and expands YES BANK’s digital banking offerings.
The integration will enable Amazon Pay to issue UPI IDs with the @yapl handle, allowing customers to make secure, fast and convenient payments. Further, the collaboration with Amazon Pay and AWS marks another milestone for Yes Bank, among the market leaders in UPI payments, the bank said in a release.
In FY 2020-21, Yes Bank recorded a market share of around 40 percent by volume in the UPI ecosystem and around 30 percent by volume in the UPI merchant acquiring business.
The bank said in 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 further said in a statement that it 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, it added.
Prashant Kumar, MD & CEO, Yes Bank, said, “In our efforts to provide greater ease and convenience to our customers by continually simplifying payment journeys for them, YES BANK is pleased to announce its partnership with Amazon Pay and AWS. 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.”
“Building Yes Bank’s UPI processing platform on AWS allows the Bank to access the full breadth and depth of AWS to build a highly resilient and scalable payments platform. This platform is available to customers and offers Yes Bank the ability to continuously add new features and services focused on enhancing customer experience.” said Puneet Chandok, President, Commercial Business, AWS India and South Asia, AISPL.