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Yes Bank partners with Amazon Pay, AWS to offer UPI payment services

Yes Bank partners with Amazon Pay, AWS to offer UPI payment services

The integration enables Amazon Pay to issue UPI IDs with the '@yapl' handle.

With AWS, YES Bank will have more flexibility to scale with the exponential growth in UPI volumes driven by high customer demand With AWS, YES Bank will have more flexibility to scale with the exponential growth in UPI volumes driven by high customer demand

Yes Bank on Thursday announced its collaboration with Amazon Pay and Amazon Web Services (AWS), to offer customers an instant real-time payment system via the UPI transaction facility.

UPI facilitates inter-bank peer-to-peer and person-to-merchant transactions through Yes Banks digital payments platform, and expands Yes BANK's digital banking offerings, noted the bank in an official statement,

The integration enables Amazon Pay to issue UPI IDs with the '@yapl' handle. This allows customers to make secure, fast, and convenient payments.

"In our efforts to provide greater ease and convenience to our customers by continually simplifying payment journeys for them, YES BANK is pleased to announce its partnership with Amazon Pay and AWS," said Prashant Kumar, MD & CEO, Yes Bank.

"With this collaboration, we will be able to offer our customers more control, flexibility and choice for a vast range of purchases and peer-to-peer transactions - through UPI-based payments," he added.

Yes Bank has conveyed that based on a multi-bank model, its collaboration with Amazon Pay and AWS will allow it to acquire merchants through the Amazon Pay platform.

"In FY 2020-21, YES Bank recorded a market share of around 40% by volume in the UPI ecosystem and around 30% by volume in the UPI merchant acquiring business," read the statement.

The bank has developed a cloud-native UPI processing platform to optimally handle the high traffic of transactions observed during surge periods like festivals or annual sales.

It is hosting its UPI processing platform on AWS. With AWS, YES Bank will have more flexibility to scale with the exponential growth in UPI volumes driven by high customer demand.

"Building YES BANK'S UPI processing platform on AWS allows the Bank to access the full breadth and depth of AWS to build a highly resilient and scalable payments platform, said Puneet Chandok, President, Commercial Business, AWS India and South Asia, AISPL.

"We look forward to working closely with the YES BANK team to bring innovative payments and digital services, providing their customers with secure, reliable, and effortless transaction options," he noted.

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