YES Bank in partnership with Worldline introduces SMS Pay on POS terminals
By Pavithra R
The COVID-19 pandemic has resulted in drastic changes in the payment landscape. SMS Pay is a step towards facilitating merchants to accept remote payments on their POS machines and enabling their customers to transact safely without leaving the comfort of their homes. The initiative coincides with the Bank’s commitment to supporting small and medium businesses (SMBs) in restarting their businesses while providing safety to their customers.
“In line with the Bank’s strategy of building a transformed Digital Bank, we along with Worldline have been working on supporting our merchant partners through innovative solutions which help them unlock their businesses in a safe and convenient manner. SMS Pay is a simple yet convenient value addition to our merchant POS solutions and provides an alternative channel of payment acceptance for our merchants at zero incremental cost. SMS Pay will help in boosting business by providing merchants dual benefit of enabling them to serve outside their vicinity as payments can be made remotely as well providing safety and convenience to their customers,” said Rajanish Prabhu, Business Head – Credit Cards and Merchant Acquisition, YES BANK.
The new functionality enables shopkeepers and merchants, including local Kirana stores & departmental stores to request payments against invoices by simply entering amount and customer contact details on their POS machines. An SMS will be triggered to the customer’s mobile number instantly, with a payment URL link. Customers can complete the payment via Internet payment gateway (IPG) page through their domestic debit and credit cards. On completion of payment, a charge slip will be generated from the POS machine, and merchants can deliver goods or services.
“Consumers continue to increasingly prefer digital payment options over cash. Technology enabled contactless payment solutions are the need of the hour and Worldline is in the forefront of this emerging trend. We will continue to innovate and enhance the functionalities of all our acquiring solutions, including POS terminals in order to provide convenient, frictionless and secure solutions for merchants as well as customers. We are pleased to extend our relationship with our trusted partner, YES BANK to provide the SMS Pay feature for their merchants,” said Deepak Chandnani, Managing Director, Worldline South Asia and the Middle East.
IBSi Daily News Analysis
December 02, 2022
Why are banking players flocking to Middle Eastern digital banks?Read More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
December 02, 2022