Yes Bank, India’s fourth largest private sector bank, launched a comprehensive cashless payment solution for Udaipur Smart City, in partnership with the Udaipur Municipal Corporation (UMC), in order to bolster Financial Inclusion and Digital India initiatives of the Government of India. The project was launched today by Hon. Mayor of Udaipur, Chandra Singh Kothari and Sidharth Sihag, Commissioner, Udaipur Municipal Corporation & CEO, Udaipur Smart City Ltd.
As a part of this project, Yes Bank has digitized payments for Government to Citizen (G2C) services as well as retail payments. The solution allows citizens to make instant payments via Bharat QR or BHIM UPI QR and through a Digital Wallet, specially designed for citizens of Udaipur. Residents of Udaipur as well as tourists can now make day-to-day payments for grocery, utility payments, transport, fees, medical expenses and entertainment from a variety of payment options to choose from, such as Card payments through POS, E-Commerce or mobile payments through QR code and mobile number.
Commenting on the launch Rana Kapoor, MD & CEO, Yes Bank, said, “We are pleased to partner with Udaipur Municipal Corporation to augment delivery of G2C services and fast-track merchant payments through digital payment solutions and offer enhanced convenience of financial transactions to citizens of Udaipur Smart City. With this partnership, we re-affirm our commitment to the Government’s initiative of propelling digital payments in India.”
Commenting on this major financial services digitization project, Sidharth Sihag, Municipal Commissioner, Udaipur Municipal Corporation & CEO, Udaipur Smart City Ltd. , said, “Digital payments is the future and we are happy to join hands with Yes Bank to facilitate the same for citizens of Udaipur.”
Also, Udaipur Smart City Card to be issued soon to citizens will be used for making payments at 700 retail & government facilities at Udaipur along with provision of mobile wallet for cashless electronic transfer and for merchant payments. The aim of a cashless Udaipur Smart City is to use a single payment instrument for all city wide services presenting not only speed of service and transparency but also facilitating integration of mobility of payment systems across the city with other services.
Service for Citizens: Through the Bharat QR and BHIM UPI QR customer initiates payment transaction to the merchant using the QR code below or UPI VPA (virtual payment address) by scanning a QR code directly from their smartphone. The transaction is then authenticated by the user’s bank and the bank after deducting the funds pushes the request into the Network, the network identifies the acquirer and credits the funds in real time to the merchant.
Udaipur Smart City Card: Yes Bank will also roll out an Open loop ‘RuPay’ co-branded prepaid card, Udaipur Smart City Card, a common city payment card for Udaipur, in partnership with the UMC and its Program Managers- ‘EasyPay’ technology service provider and ‘Aksh Opti Fibre’ distribution partner.
Service for Retailers: In order to make the city truly cashless, Yes Bank is also launching a unique mobile app for retail merchants that allows for payments to be made by the way of the registered mobile number of the resident, such that the merchants can now initiate a transaction for the card user through his mobile app and the transaction gets processed by the way of an OTP sent to the card user on his registered mobile number. This app will be made available for Android users through the app store once the cards are made available at the retail & government facilities.
Through this project, Yes Bank aims to bring in mobility to the fore front and helps Udaipur Smart City take a giant leap towards digitizing the payments within the city since all retail payments can now be channeled through this medium for the residents as well as tourists who visit the city.Article published unedited from newsbarons