Indus OS and YES BANK partner to introduce OS integrated UPI payment platform
YES BANK is currently responsible for close to 35 per cent all UPI transactions in the country.
Indus OS and YES BANK have announced a partnership to launch the first-of-its-kind integrated UPI payment platform. Through this partnership, Indian consumers can access an OS-integrated framework designed for the UPI payment platform, without the hassle of downloading and storing an external app. Indian consumers can conveniently use the UPI payment platform directly on the SMS/ Messaging and Dialler interface, and even on third party apps. The payment platform is expected to launch within this quarter.
YES BANK has taken a lead in evangelizing the digital payments infrastructure in India and was the first bank to actively partner with merchants on UPI. YES BANK is currently responsible for close to 35 per cent all UPI transactions in the country, and over 80 per cent of the merchant transactions done on the UPI ecosystem.
Currently, over 10,000 online and offline merchants are being powered by YES BANK’s UPI payments solutions; and there have been over 20 million downloads of such merchant-partnered apps and over 5 million YES BANK powered Virtual Payment Addresses (VPAs).
OS-integrated UPI payment platform will enable a deeper and a more contextual user experience. For example:
- The Indus Keyboard will have a symbol through which users can initiate UPI transactions within the messaging/chatting app. They can directly transfer money to the person they are chatting with by simply clicking the symbol. This will work on SMS and on third party messaging apps such as WhatsApp.
- The OS level AI will also be able to sense the user's intent to make a payment, and it will contextually suggest payments through UPI directly in the messaging applications.
- Indus Contacts App - The contacts app on any smartphone running Indus OS will allow users to send money directly to anyone in their contact list
This development also comes soon after Indus OS announced its partnership to launch the first ever Aadhaar-authenticated OS. Indus OS is working towards linking both; the OS-integrated UPI payment platform and Aadhaar-authenticated OS to ensure a highly secure framework. This unique innovation will further enable a trusted and simplified range of transactions for the consumers.