YES Bank ties up with UltraCash Technologies to launch payments service

YES Bank has tied up with UltraCash Technologies to launch payments processing through sound waves. This partnership will enable Ultracash to issue Yes Bank sponsored mobile wallets and employ YES BANK’s IMPS payments platform to enable processing of instant proximity transactions. Ultracash utilizes a patent-pending technology, where payment data is securely transferred from one device to the other using unique ultra high frequency sound waves. This technology ensures that Ultracash’s ‘Tap and Pay’ works on all devices and doesn’t need any special hardware to make the payment and there is no need of special NFC chips.

UltraCash’s sound wave technology enables mobile payments to be done without the need for Internet connectivity using any of the options, such as bank accounts and cards. Besides, UltraCash will issue YES Bank-branded digital wallets to consumers to aid quicker, seamless and friction-free payments.

Yes Bank is a new age private sector bank. The bank offers a full-range of client-focused corporate banking services, including working capital finance, specialized corporate finance, trade and transactional services, treasury risk management services, investment banking solutions etc.