New Delhi. Yes Bank of the private sector has tied up with Amazon Pay and Amazon Web Services (Amazon Web Services) on Thursday, to enable customers to make instant real-time payments through UPI transactions. system can be offered. Inter-bank peer-to-peer and person-to-merchant UPI transactions will be facilitated through Yes Bank’s digital payment platform.
@yapl UPI handle to be issued to Amazon Pay users
Through this integration, Amazon Pay will be able to issue UPI ID to customers with the handle @yapl. With this, customers can make secure, fast and convenient payment. In the financial year 2020-21, Yes Bank registered a market share of around 40 per cent in volume terms in the UPI ecosystem and around 30 per cent in volume terms in the UPI Merchant Acquisition business.
Based on a multi-bank model, this agreement allows Yes Bank to acquire merchants through the Amazon Pay platform, thereby increasing the bank’s presence in the UPI merchant business segment. Yes Bank has developed a cloud-native UPI processing platform to handle the high traffic of transactions during festivals or annual sales.
What is UPI
UPI is a real time payment system, which can transfer money to bank account instantly through mobile app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.
