YES BANK has launched SIMsePAY, a unique innovation that allows any account holder to do money transfers, pay utility bills and other mobile banking services, without the need for smart phones or internet. The offering is based on a frugal “sim-sleeve” technology, in association with Taisys Technologies, who holds global patent for the same, and has implemented the same successfully in other countries including Kenya and China.
YES BANK has launched the services with Mizoram Cooperative Apex Bank Ltd, Aizawl, and subsequently plans to launch it across the country. The pilot launch takes place against the backdrop of the Government’s digital payments drive and is a part of YES BANK’s ongoing efforts to broad base the Digital Payments infrastructure in India and also complements the bank’s extensive bouquet of state of the art digital offerings as a leader in technology and innovation in the banking sector.
Most mobile banking services like wallets, chat bots and other apps can be used only on Smart phones which are internet enabled. As per industry estimates, of the over 900 million mobile phones in India, only around 220 million phones are smart phones (less than half of these are internet enabled).
SIMsePAY will cater to the large section of Indian population who remain unbanked or under banked due to lack of access to smart phones and mobile internet(close to 650 million feature phones). This represents a very large inherent market need, and hence a huge scope for the SIMsePay solution.
Elaborating on the initiative, Mr. Rana Kapoor, MD & CEO, YES BANK said, “YES BANK is proud to pioneer this unique solution, which will empower all bank account holders and enhance efficient digital financial inclusion in the most efficient manner. YES BANK is committed to fully support the Government’s demonetization and digital payments initiatives. Through the launch of SIMsePAY along with Co-operative Bank tie-ups across the country, we will effectively aid our country’s ongoing transition to a ‘less-cash’ society, and eventually a ‘cashless India’.”
The product will be offered to customers in a phased manner. The first phase will involve collaboration with Co-operative and Regional Rural Banks to target those among whom adoption rates of smart phones, internet connectivity, and access to financial services (or bank accounts) is low and limited. The second phase will involve direct outreach to the target segment through YES BANK’s Banking Correspondents network (over 40,000 Pan India).
Over the next few weeks, YES BANK will be tying up with various Co-operative banks across the country to facilitate a pan-India roll out of the product to existing bank customers. Since Co-operative and Regional Rural Banks do not have mobile banking licenses, the SIMsePAY solution will enable them to reach out to a wider range of their target audience as well.
