Yes Bank and PhonePe, a Flipkart Group company, have partnered to launch India’s first UPI (Unified Payments Interface) based mobile payments app, in a move aimed at significantly disrupting the digital payments landscape across India.
PhonePe allows users to link their bank accounts securely to their smartphone using NPCI’s encrypted libraries. Once linked, users can authorize money transfers or merchant payments instantly by simply entering their 4-6 digit MPIN. Money is instantly transferred directly from the sender’s bank account to the recipient’s bank account. There’s no need to enter an OTP to authorize a transaction anymore. A transaction takes less than 10 seconds to complete.
Yes Bank, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai.
