Airtel has acquired YTS, a Mumbai based mobile payment startup.
Post this acquisition, YTS will be integrated with the operations of Airtel Money Services Ltd, a 100% subsidiary of Airtel.
Backed by this acquisition, Bharti Airtel will expand its footprint in the payments sector by integrating the YTS business capabilities and unique service delivery model.
YTS had earlier launched MoSa Pay, a mobile based online salary disbursement solution targeted towards SMEs. Further this move will strengthen Airtel’s long term commitment towards driving financial inclusion in India fortifying its portfolio in the mobile commerce segment.
As a result of the integration, Manish Khera, Co-founder and MD of YTS Solutions will be appointed as the CEO of Airtel M Commerce Services Limited (AMSL) and will play a pivotal role in steering the growth and expansion of Airtel’s payments & mobile financial services business.
In January 2015, AMSL applied to Reserve Bank of India (RBI) for a Payments’ Bank License.