Yes Bank has partnered with Amazon Pay and Amazon Web Services AWS to offer customers instant real-time payment via the UPI transaction facility.
UPI facilitates peer-to - peer and person-to- merchant transactions through Yes Banks digital payments platform, and expands Yes BANK's digital banking offerings, according to the bank in an official statement.
The integration allows Amazon Pay to issue UPI IDs with the yapl handle. Customers can make secure, fast, and convenient payments.
YES BANK is pleased to announce its partnership with Amazon Pay and AWS in our efforts to provide greater ease and convenience to our customers, according to Prashant Kumar, MD CEO, Yes Bank.
He said that with this collaboration, we will be able to give customers more control, flexibility and choice for a wide range of purchases and peer-to- peer transactions through UPI-based payments.
Yes Bank will allow it to acquire merchants through Amazon Pay, a multi-bank model, and will be based on a collaboration with Amazon Pay and AWS.
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.
The bank has developed a cloud-native UPI processing platform to handle high traffic and high traffic during surge periods, such as festivals or annual sales.
It is hosting its UPI processing platform on AWS. With AWS, YES Bank will have more flexibility to scale with the exponential growth in UPI volumes due to high customer demand.
Puneet Chandok, President, Commercial Business, AWS India and South Asia, said that the Bank can access the full breadth and depth of AWS by building YES BANK'S UPI processing platform on AWS.
He said that YES BANK will work closely with the team to bring innovative payments and digital services, which will provide their customers with secure, reliable, and effortless transaction options.