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.
The Bank has launched the services with the District Co-operative Bank, Dehradun 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).
