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YES Bank to enable m-banking on all phones via SIM card solution

With demonetization in full swing, payment providers are scrambling to find new digital methods to allow people to send money. A common complaint has been that most digital methods of payment require an active Internet connection and cannot work on feature phones which are still common in rural India. Private sector lender YES Bank is the latest attempting to reach the rural population with a product called SIMsePay which uses a SIM jacket to enable mobile banking on any phone. A SIM jacket is a smart sticker which can be pasted on an existing SIM card to install a mobile banking app as a SIM toolkit (remember those default apps a telecom service provider gives). YES Bank had partnered with Taisys Technologies for these mobile banking SIM jackets back in July 2015. YES Bank is targeting customers of rural and district co-operative banks which do not have a mobile banking application of their own. It has tied up with District Co-Operative Bank, Dehradun and will be tying up with 10-12 co-operative banks in the coming weeks. Customers of these banks can get the SIMsePay stickers from bank branches. In the second phase, YES Bank will be having a more direct approach with customers and distribute them through their network of banking correspondents. The bank plans to garner a base of 500,000 SIMsePAY users by 2017. The sticker can work on standard, micro or nano SIMs of any telecom service provider. The SIMsePAY sticker will be linked to a co-branded prepaid wallet (which can be loaded…

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