23 May 2018
Visit response.ncr.com

Yes Bank partners Ultracash Technologies on sound wave-based payments

17 February 2016  |  2608 views  |  0 Source: Ultracash Technologies

Yes Bank, India’s 5th largest private sector bank, today announced its collaboration with Ultracash Technologies to launch payments processing through Sound Waves.

Ultracash utilizes novel, first of its kind technology to enable merchant and person to person proximity payments.

This partnership will enable Ultracash to issue YES BANK sponsored mobile wallets and employ YES BANK’s innovative IMPS payments platform to enable processing of instant proximity transactions. Ultracash utilizes a patent-pending technology, where payment data is securely transferred from one device to the other using unique ultra high frequency sound waves. This innovative technology ensures that Ultracash’s ‘Tap and Pay’ works on all devices and doesn’t need any special hardware to make the payment and there is no need of special NFC chips.

With over 1 Billion mobile connections resulting in 75% market penetration, India is a country poised for the mobile payments revolution. There are about 200 million estimated smart phone owners in the country. However, the limited internet connectivity is restricting the proliferation of mobile payments. Ultracash’s sound wave technology enables mobile payments to be done without the need for Internet connectivity using any of the options such as bank account and debit/credit cards. In addition, Ultracash will now be issuing YES BANK branded digital wallets to the consumers to aid quicker, seamless and friction free payments. Ultracash will be riding on the IMPS payments APIs of YES BANK to allow merchant as well as person to person payments.

This launch is expected to fuel proximity payments in India with the usage of a Smart Phone as an acquiring instrument for the merchants. Currently, there are only about 1 million POS terminals in the country for a merchant population of over 25 million. With this offering, YES BANK and Ultracash are together expecting to bring a change in the way proximity payments are done in the country.

UltraCash, which was launched in Bangalore in August 2015 is changing the way Bangaloreans pay. In this short span, UltraCash has more than 60,000 active app users who have done more than 1.2 Lac transactions amounting to Rs.10 crore in transaction value. UltraCash is currently present in more than 1000 merchants across various offline and home delivery segments.

Mr. Ritesh Pai, Senior President and Country Head – Digital Banking, YES BANK, said “Indian payments market is at a cusp of revolution and YES BANK has been at the forefront along with partners such as Ultracash to lead innovations which will be widely adopted by consumers. With this collaboration, we are expecting to change the way Merchant payments are done across the country and lead the proliferation of the digital and mobile payments to the 25 million small scale retailers.”

Vishal Lal, Co-Founder UltraCash said “UltraCash is committed to working towards moving India to a less-cash economy using technology and innovation. Our vision is to empower every merchant in this country to accept digital payment seamlessly without any hardware dependence and allow every consumer to pay in a simple and secure manner using her mobile phone from the payment instrument of her choice. We are very excited to partner with Yes Bank in this endeavor to bring about a positive change in our country and help in widespread use of digital payments.” 

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit aciworldwide.webex.comVisit response.ncr.comVisit www.niceactimize.com

Top topics

Most viewed Most shared
PayPal agrees $2.2 billion deal for iZettlePayPal agrees $2.2 billion deal for iZettl...
10080 views comments | 16 tweets | 28 linkedin
BBVA begins global roll-out of unified mobile appBBVA begins global roll-out of unified mob...
8855 views comments | 6 tweets | 5 linkedin
Japanese banks join quantum computing hubJapanese banks join quantum computing hub
7524 views comments | 8 tweets | 5 linkedin
Digital banking transformation creating new systemic risksDigital banking transformation creating ne...
7053 views comments | 17 tweets | 22 linkedin
SEC lures wannabe crypto investors with fake ICO siteSEC lures wannabe crypto investors with fa...
7036 views comments | 7 tweets | 11 linkedin

Featured job

Package guide £250-300K

Find your next job