Should we invest in Yes Bank now
Wirecard is cooperating with YES BANK, one of the largest private banks in India, for greater financial integration across the country
The partnership supports the local biometric payment system AEPS
Aschheim (Munich) / Chennai (Munich) / Chennai (ots) - Wirecard, the leading global innovation driver for digital financial technology, today announced its partnership with YES BANK. The cooperation with India's fourth largest private bank will further advance financial integration in the country and support the Indian Aadhaar Enabled Payment System (AEPS). Behind it is a biometric, digital payment system that was developed by the National Payments Corporation of India. The aim is to make digital payments and banking more accessible for people in India even in remote areas.
From now on, Wirecard's retail agents in India will be supported by the infrastructure of YES BANK and will act as customer representatives nationwide to offer consumers essential financial services such as cash withdrawals and deposits, transfers and account balance inquiries. Millions of potential customers will benefit from everyday financial services that they can quickly authorize with their fingerprint.
Wirecard offers consumers daily access to low-cost digital financial services such as ticketing, mobile charging, insurance and logistics via the nationwide network of agents. Also, thousands of retailers can make extra money by driving financial inclusion in India. At the beginning of the year, Wirecard started a similarly successful partnership of this type and is now also offering a wide range of digital financial services together with YES BANK.
"Financial inclusion and digital payment options are core areas of YES BANK. We are thus following the national agenda of financial inclusion and a digital India. Through our partnership with Wirecard, we are spreading cash withdrawals based on AEPS, which a large part of the Indian population in small-town and rural areas, "comments Ritesh Pai, Chief Digital Officer of YES BANK. "The bank continues to take steps to improve local consumer inclusion and to be at the forefront of the financial inclusion movement in India. We look forward to developing our partnership with Wirecard to deliver advanced digital payment solutions across India to offer. "
"We are delighted to work with YES BANK to provide solutions to people in India, especially those who live in rural areas and do not have easy access to financial institutions, to manage their finances efficiently and securely," added Anil Kapur, Managing Director Director India at Wirecard added. "Our extensive retail agent network has once again proven to be the ideal solution for companies and industries in India looking for a nationwide service provider for their digital payment requirements."
The Aadhaar Enabled Payment System is based on the Aadhaar system, an initiative on behalf of the Indian government in which every resident is given a unique identification number to promote social and financial inclusion, public sector reforms and tax budget management, among other things. As of July 2019, more than 1.2 billion residents were equipped with aadhaar biometric identification, which is one of the most reliable identification documents in India.
Wirecard (GER: WDI) is one of the world's fastest growing digital platforms in the field of financial commerce. We offer both business customers and consumers a constantly growing ecosystem of real-time value-added services for innovative digital payment transactions through an integrated B2B2C approach. This ecosystem focuses on solutions from the areas of Payment & Risk, Retail & Transaction Banking, Loyalty & Couponing, Data Analytics & Conversion Rate Enhancement in all sales channels (online, mobile, ePOS). Wirecard operates regulated financial institutions in several key markets and holds licenses from all major payment and card networks. Wirecard AG is listed on the Frankfurt Stock Exchange (DAX and TecDAX, ISIN DE0007472060). Visit us at www.wirecard.de, follow us on Twitter @wirecard and on Facebook @wirecardgroup.
About YES BANK:
YES BANK, India's fourth largest private bank, is a high-quality, customer-oriented and service-oriented bank. Since it was founded in 2004, YES BANK has developed into a "Full Service Commercial Bank" that offers a full range of products, services and technology-oriented digital offerings for corporate, SME and private customers. YES BANK operates its investment banking, merchant banking & brokerage business through YES SECURITIES and its mutual fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the bank. The company, headquartered in Mumbai, is represented throughout India in all 29 states and 7 Union Territories in India, including an IBU in GIFT City and a representative office in Abu Dhabi.
Inquiries & contact:
Wirecard media contact:
Tel .: +49 (0) 89 4424 1363
Email: [email protected]
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