Remote payment service for merchants by YES Bank

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Private sector lender, YES Bank, launched its version of contactless payment service. The special service is called SMS Pay which will enable the merchants to accept remote and contactless payment from their customers. The SMS Pay functionality at the PoS terminal is introduced in partnership with Worldline.

Using the SMS Pay shopkeepers, merchants, local Kirana stores and departmental stores can request against invoices by entering the customer’s contact details and amount on their PoS machines. SMS Pay option will be displayed at the PoS terminal. The customer will receive an SMS with a payment link through which he/she can securely make payment using their debit or credit cards. After successful completion of the payment charge slip will be generated at the terminal.

YES Bank in a statement said that the initiative is in line with the lender’s commitment to support small and medium scale businesses by helping them restart their businesses while providing a safe and secure means of transaction. For the bank, SMS Pay is a step towards helping the merchants to accept remote payments while enabling the customers to make secure payments at the comfort of their home. The newly launched service is a value addition to the bank’s merchant solutions with zero incremental costs. SMS Pay will help in boosting the business by enabling the merchants to receive payments beyond their vicinity. Contactless payments have become more popular these days and people are aware of such services or features. Many prefer to use digital and contactless payments over conventional methods.

Deepak Chandnani, Managing Director, Worldline South Asia, and the Middle East said that consumers continue to prefer more and more digital payments. The company is at the forefront of this emerging trend of technology based contactless solutions. Digital payments are the need of the hour and the company will continue to innovate and strengthen the functionalities of all its acquiring solutions to provide safe, secure, and convenient solutions for merchants and customers. He added that they are pleased to tie up with YES Bank to provide SMS Pay service to merchants. SMS Pay is a zero contact payment service that enables remote and quick set up on the PoS terminal. It is a trusted and secure, easy to use solution for both merchants and customers.

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