Sure Financial institution has right now introduced its collaboration with Amazon Pay and Amazon Internet Companies (AWS), to supply prospects an instantaneous real-time fee system by way of a UPI transaction facility. UPI facilitates inter-bank peer-to-peer and person-to-merchant transactions by Sure Financial institution’s digital funds platform, and expands Sure Financial institution’s digital banking choices.
The combination allows Amazon Pay to situation UPI IDs with the @yapl deal with, permitting prospects to make safe, quick, and handy funds. In FY 2020-21, YES BANK recorded a market share of round 40% by quantity within the UPI ecosystem and round 30% by quantity within the UPI service provider buying enterprise.
Based mostly on a multi-bank mannequin, this collaboration permits Sure Financial institution to accumulate retailers by the Amazon Pay platform, extending the Financial institution’s presence within the UPI service provider enterprise section.
Sure Financial institution has developed a cloud-native UPI processing platform to deal with the excessive site visitors of transactions noticed throughout surge intervals like festivals or annual gross sales. The Financial institution is internet hosting its UPI processing platform on AWS.
Prashant Kumar, MD & CEO, Sure Financial institution, mentioned, “In our efforts to offer larger ease and comfort to our prospects by regularly simplifying fee journeys for them, YES BANK is happy to announce its partnership with Amazon Pay and AWS. With this collaboration, we can supply our prospects extra management, flexibility and selection for an unlimited vary of purchases and peer-to-peer transactions – by UPI-based funds.”
Mahendra Nerurkar, CEO and Vice President, Amazon Pay, added, “Our collaboration with YES BANK is an extension of this effort and unlocks extra decisions for our prospects to pay anybody, anytime, anyplace, on or off Amazon.in. UPI is likely one of the most handy and common methods to pay in India. With a cloud native structure we hope to maintain elevating the bar on availability, velocity and buyer expertise utilizing UPI by the Amazon app.”
Supply: Live Mint