Mumbai: YES BANK has announced the launch of YES PAY EASY, a mobile application (app) that enables small-scale merchants such as traders, retailers, and professionals, to accept instant cashless payments from their customers. YES PAY EASY empowers merchants to transact with their mobile phones through multiple digital modes like Bharat QR, Tap-On-Phone and SMS Pay.
The app has cutting-edge features to make merchants undertake a host of activities. Merchants can collect payments via multiple modes, share digital charge slips with their customers instantly, and generate reconciliation statements with a click. Merchants will also be able to track pending payments and send reminders to customers using the Khata feature, which helps merchants to record pending payments digitally and send reminders to customers.
It is designed for any individual or sole proprietor with a valid business license who happens to be an existing current or savings Account customer of YES BANK. The onboarding process has been kept simple through a Do-It-Yourself mode with intelligence-based guidance built into the app.
YES PAY EASY app has been developed in 8 languages (English, Hindi, Marathi, Gujarati, Tamil, Kannada, Telugu, and Bengali) to cater to customers across various geographies. It has been built in collaboration with Mastercard and Worldline India, two of the world’s leading payments and technology companies.
The rental cost for the merchant to use this application would be substantially lower than a regular POS terminal.
Commenting on the launch, Mr. Rajan Pental, Executive Director, YES BANK, said, “At YES BANK, it’s been our constant endeavor to facilitate the shift to a digitally empowered economy. Keeping this in view, we have time and again introduced propositions that not just offer our customers a rewarding banking experience but also fulfill the Government’s vision of Digital India. The launch of the YES PAY EASY app is yet another step in the same direction that will benefit merchants by providing them with a one-stop solution for all their business-related requirements. Given the host of features and benefits that it offers, I do believe, the app will facilitate ease of doing business within the country.”
Mr. Ramesh Narasimhan, Chief Executive Officer, Worldline India, added, “Worldline is committed to developing new-age innovative products. Our partnership in powering the app showcases our effort to revolutionize the way merchants can accept payments through multiple methods at a low cost. In addition, merchants can now record pending dues from their customers in ‘Khaata’ entries, providing merchants an end-to-end view of their sale transactions from cash, digital acceptance, and pending dues. We believe that YES PAY EASY will help the merchants to scale their operations and make digital payment collections simple, convenient, and reliable.”
Commenting on the partnership, Mr. Gautam Aggarwal, Division President – South Asia, Mastercard, said, “Mastercard is elated to partner with YES BANK and Worldline to launch YES PAY EASY, a low-cost payment acceptance solution for micro-merchants. The solution is in line with Mastercard’s focus on financial inclusion for micro-merchants and the Government of India’s Digital India vision. As micro-merchants experience the ease and safety of digital payments through YES PAY EASY, they will be more inclined to adopt digital payments and become a part of the financial mainstream.”
Benefits of the YES PAY EASY app:
1. The app facilitates the acceptance of payments through multiple digital modes like Bharat QR, Tap-On-Phone as well as SMS Pay.
2. Merchants can easily keep track of pending payments and generate reconciliation reports that get sent to the customer’s registered email ID instantly.
3. Customers who hold a current or savings account with YES BANK along with a valid business license can transact using the app.
4. Merchants have the flexibility to undertake cash transactions and keep a record of the cash collected within the app.
5. Currently, the YES PAY EASY app is available in eight languages, namely English, Hindi, Marathi, Gujarati, Tamil, Kannada, Telugu, and Bengali.
Currently, the YES PAY EASY app is only available on smartphones powered by Android operating systems.
