wordpress blog stats
Connect with us

Hi, what are you looking for?

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.

Advertisement. Scroll to continue reading.

– 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 money by making an NEFT transfer to a special IFSC code created by the lender. The account number will be the same as the user’s mobile phone number. “For example a customer of ICICI Bank or Kotak Bank can login to their netbanking and send the money to the IFSC Code we’ve set up for this wallet and the account number will be your mobile number,” Bajaj added.

– The application will have an option to send money via bank account number and IFSC code or sending it to a particular number. When users send money through a mobile phone number, a link is sent to the beneficiary where they will have to enter their account details for the transaction to complete.

– The money transfer is encrypted and uses the mobile phone number and customer PIN for its two factor authentication.

– The monthly limit for the wallet is Rs 10,000 without KYC. “If people want to do KYC with our bank we can enhance their limits,” Bajaj said.

YES Bank’s mobile banking initiatives

– It’s worth noting that YES Bank in 2013 had tied up with Times of Money to launch its own online remittance solution called Yes Remit, allowing non-resident Indians (NRIs) to send money to any Yes Bank account or other bank accounts in India.

– Yes Bank had also launched a mobile point of sale (mPOS) solution which allowed GPRS enabled mobile phones to act as Point of Sale terminals. The company had claimed to have partnered with several insurance players in the country for this service and were running tests with several other retailers in the Internet space and food retail segment.

Advertisement. Scroll to continue reading.

– In 2010, Nokia had tied up with YES Bank to launch Nokia Money in India powered by Obopay. The service allowed users to check their balance, manage expenses and payments, recharge prepaid (mobile) account, and pay utility bills.  Obopay and Yes Bank also launched a mobile payment solution to be called “Pay Anyone”.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....


By Anand Venkatanarayanan                         There has been enough commentary about the Indian IT...


By Rahul Rai and Shruti Aji Murali The Indian antitrust regulator, the Competition Commission of India (CCI) has a little more than a decade...


By Stella Joseph, Prakhil Mishra, and Surabhi Prabhudesai The recent difference of opinions between the Government and Twitter brings to fore the increasing scrutiny...


This article is being posted here courtesy of The Wire, where it was originally published on June 17.  By Saksham Singh The St Petersburg paradox,...

You May Also Like


Speaking at a webinar, the RBI deputy governor examined key issues related to bank-backed digital currencies and spoke about why they were important given...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ