Yes Bank, India’s fifth largest private bank has launched SIMsePAY, a unique innovation that allows any account holder to do money transfers, pay utility bills and other mobile banking services, without the need for smartphones or internet.
The bank launched the services with the Arunachal Cooperative Apex Bank Ltd here and subsequently plans to launch it across the country, a release said.
The offering is based on a frugal “sim-sleeve” tech, in association with Taisys Technologies, which holds global patent for the same and has implemented the same successfully in other countries including Kenya and China.
The pilot launch takes place against the backdrop of the government’s digital payments drive and is a part of Yes Bank’s ongoing efforts to broadbase the digital payments infrastructure in India and also complements the bank’s extensive bouquet of state of the art digital offerings as a leader in technology and innovation in the banking sector. This is the third launch of SIMsePAY services, following the first launch in Dehradun last week and second launch in Khagaria, Bihar.
As per industry estimates, of the over 900 million mobile phones in India, only around 220 million phones are smartphones (less than half of these are internet enabled). SIMsePAY would cater to the large section of Indian population who remain unbanked or under banked due to lack of access to smart phones and mobile internet. The bank is planning to garner a base of 500,000 SIMsePAY users by 2017.
Yes Bank CEO and MD Rana Kapoor said, “Through the launch of SIMsePAY along with Cooperative Bank tie-ups across the country, we will effectively aid our country’s ongoing transition to a ‘less-cash’ society, and eventually a ‘cashless India’." The product would be offered to customers in a phased manner, the bank said.