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YES Bank ties up with Taisys Technologies to issue mobile banking SIMs

Private sector lender YES Bank has tied up with Taiwan's Taisys Technologies and the NPCI to develop a platform which will issue a mobile banking SIM aiming to increase financial inclusion in the country. Through the collaboration,  mobile phone users can transfer funds, pay through wallets, make payments to merchants and value added services across all mobile devices including feature phones. Taisys will be integrating its m-banking platform with YES Bank's domestic remittance service, YES BANK Money. NPCI is also collaborating with Taisys to build a common platform to provide mobile banking to all other banks. Taisys develops slim SIMs which can provide value added services such as mobile banking, near field communications, secure encrypted SMS services, and smart dialers. How it works - Taisys India and YES Bank will work on developing an ultra-thin mobile banking SIM which is essentially a smart sticker which can be pasted on an existing SIM card. The sticker is telecom operator agnostic and installs the bank's mobile wallet application on the phone in the SIM tool kit, explained Anand K Bajaj, Head of Digital Payments & Mobility at YES BANK. - YES Bank will use its network of 35,000 banking correspondents (BCs) where they will distribute these stickers and get unbanked people on to the platform. The BCs will also help people load money into their wallet. - People who are more digitally savvy can go to YES Bank's website and add money to the wallet through net banking. Customers who are not YES Bank's customers can load…

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