Y-Cash Software Solutions Pvt Ltd, a subsidiary of eMudhra Consumer Services Ltd, has partnered with Karur Vysya Bank to launch YPayCash, a prepaid mobile wallet and payment service, reports Times of India. The mobile wallet will be initially available to customers and merchants in Tamil Nadu and will offer the usual bouquet of payment services - merchant payments, mobile and DTH recharge and fund transfer. Users can transfer funds only to other YPayCash users. What's noteworthy is that since it is a bank linked service, it will be available for users without a bank account. eMudhra, a digital signature issuing authority, had announced the service almost a year ago. How to use Apart from downloading the app from the Google App Store to use this service, new consumers can also register on the website to use the mobile wallet service, for access to recharge facilities, and discount and offer coupons, similar to most recharge sites. The strange thing about the website is that it appears to be more of an information site about the service, rather than a transaction site which encourages customers visiting it to use the services. Users can load cash into their YPayCash account in two flavors -- with a limit of Rs 10,000 on Insta-Pre-paid mobile wallet and with a limit of Rs. 50,000 on Maxima-prepaid mobile wallet which requires Know Your Customers (KYC) documents submission. Note that the licenses by RBI for mobile wallet services does not allow operators to offer cash-out facility, unless they sign up customers under a Banking Correspondent tie-up. It's not clear whether…
