 "Yes Bank partners with Click&Pay for cashless transactions")
As a part of this alliance Click&Pay will issue Yes Bank sponsored mobile wallets and employ the bank's immediate payment service (IMPS) payments platform which will help Click& Pay to process instant proximity transactions with merchants and person to person.
Last month, Yes Bank signed a memorandum of understanding with Hyderabad start up incubation center, T-Hub to work with the latter's portfolio companies, including Click& Pay. This mobile payment solutions startup will reach out to around 1 million users this year by issuing the Yes Bank sponsored mobile wallet, according to a statement.
"Our vision is to create a vibrant merchant ecosystem where millions of merchants would be able to accept digital payments using Click&Pay. We have on-board around 750 merchants in Hyderabad,"said Sai Sandeep, S, co-founder of Click & Pay.
Ritesh Pai, senior president and country head-digital banking at Yes Bank said they are investing to build strategic alliances in the digital world to deliver mobile banking and payment experiences that are simple, non-intrusive among other things. "This partnership with Click & Pay will allow us to pay a critical role in furthering the net generation of mobile payments,"he said.
