Anil Kapur, Managing Director India at Wirecard

Wirecard has partnered with Indian private sector bank YES BANK with an aim to propel financial inclusion efforts in India. The partnership is expected to expand Aadhaar’s Enabled Payment System scope and thus, make the payments system more accessible to the Indian residents.

“Financial inclusion and digital payment are core focus areas for YES BANK and we remain committed to the twin national agenda of Financial Inclusion and Digital India. Through our partnership with Wirecard, we will further proliferate AEPS-based cash withdrawal services, which serves a large part of India’s population residing in semi-urban and rural areas,” commented Mr. Ritesh Pai, Chief Digital Officer at YES BANK.

According to the supplier, the partnership will facilitate the utilization of YES BANK’s infrastructure by Wirecard and will serve as customer-representatives India-wide for the provision of financial services to customers.

“We are delighted to partner with YES BANK and empower residents of India, especially those who live in rural areas and cannot easily access financial institutions, with the tools to manage their finances in an efficient and secure way,” added Anil Kapur, Managing Director India at Wirecard. “Our wide-ranging retail agent network has once again proven to be an ideal solution for companies and industries in India seeking a nationwide service provider for their digital financial needs.”

The Aadhaar Enabled Payment System is based on the Aadhaar system, an initiative on behalf of the Government of India to issue a unique identification number for each resident with the aim of promoting social and financial inclusion, public sector delivery reforms, and managing fiscal budgets, among others.

Recently, Wirecard entered into a partnership with the banking and B2B2C-focused fintech, CreditPilot allowing the latter to utilize and implement Wirecard’s digital payment processing technology into its A2A (Any2Any) platform ecosystem for mobile and digital financial services provision.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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