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YES Bank partners with BonusHub to enable new payment systems on POS terminals

It looks like payment companies and banks are scrambling to make sure that POS terminals will be able to accept newer forms of payment methods. YES Bank has partnered with Bonus Hub to enable acceptance of UPI and multiple mobile wallets including YES Pay, Idea Money, Jio Money, mPesa, Ola Money, Citrus, Airtel Money, Freecharge and Oxigen (it’s curious to see Paytm missing from the list of wallet it will accept). YES Bank added that the solution will be implemented across more than 80,000 merchants by the end of the financial year. Meanwhile, the bank added that it will be adding BharatQR as well. It's worth remembering that the National Payments Corporation of India (NPCI) is merging the QR codes generated by the UPI and BharatQR. The UPI and BharatQR have different merchant discount rates (MDR) so it will be a challenge for card networks and the NPCI to sort out where the transaction is originating and charge merchants accordingly. And that's what BonusHub is looking to simplify for merchants and will provide them a single window alliance for acceptance of UPI & multiple wallets, as well as settlement & reconciliation. MDR is an interbank fee levied by banks on merchants to facilitate a digital transaction. But what's missing is the ability for these machines to accept NFC payments as many banks have not built acceptance infrastructure for the same. Other players YES Bank isn't the only bank looking to increase different types of payments at POS terminals and last week HDFC Bank launched a POS machine…

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