Yes Bank, one of India’s largest private bank, has announced the launch of its UPI services, in partnership with 50 companies, to enable electronic payments straight from the user’s SmartPhone.
Launched by the National Payments Corporation of India with the Reserve Bank of India (RBI), UPI is set to revolutionize digital banking, enabling hassle-free payments. With UPI, users can connect to their bank accounts securely via their smartphones, which then can be used to authorize money transfers or merchant payments instantly.
E-commerce giant Flipkart had recently partnered with Yes Bank to launch a UPI (unified payments interface)-based mobile payments app through its mobile payments arm PhonePe.
