Bharti Airtel has acquired the Mumbai-based mobile payment startup YTS for an undisclosed amount. Post acquisition, Airtel Mcommerce Services Limited (AMSL) will integrate the payments and remittance businesses of YTS Solutions. Additionally, the company has appointed Manish Khera, MD & CFO at YTS, as the new CEO of AMSL. Post acquisition, Airtel will use the platform to expand its portfolio in mobile payments segment and will introduce new products targeted at migrants in urban areas that have families in rural towns and villages. Founded in 2013, YTS offers various B2B payment solutions like wallet solutions, eKash Solutions for loan payments, MoSaPay for micro salary payments and Phatse for online payments. On the B2C side of things the platform offers Tez solution for money transfers and other solutions for loans, insurance, mutual funds etc. As of now, the platform partners with Union Bank, RBL Bank, redBus, Unicel, PayU and BillDesk among others, to offer these solutions. Payments Bank license: Airtel Money parent AMSL, which already has a prepaid payments instrument licence from the Reserve Bank of India (RBI), applied for a payments bank license earlier this year. The company had said that if it gets a payments bank licence, Kotak Mahindra Bank would pick up 19.90% stake in AMSL. This is most likely a strategic partnership and they might get expertise and leverage from Kotak Mahindra Bank. Airtel Money results: Airtel Money‘s total value of transactions in Africa grew 31.4% to $2.9 billion for the quarter ended March 31, 2015 from $…
