Yes Bank has today 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. 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 enables Amazon Pay to issue UPI IDs with the @yapl handle, allowing customers to make secure, fast, and convenient payments. In FY 2020-21, YES BANK recorded a market share of around 40% by volume in the UPI ecosystem and around 30% by volume in the UPI merchant acquiring business.
Based on a multi-bank model, this collaboration allows Yes Bank to acquire merchants through the Amazon Pay platform, extending the Bank’s presence in the UPI merchant business segment.
Yes Bank has developed a cloud-native UPI processing platform to 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.
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, “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. UPI is one of the most convenient and popular ways to pay in India. With a cloud native architecture we hope to keep raising the bar on availability, speed and customer experience using UPI through the Amazon app.”
