Cashless, Secure And Flexible Transactions Possible Now Click&Pay to issue YES Bank sponsored mobile wallets and employ the Bank's IMPS payment platform
By Samiksha Jain •
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FinTech space is fast evolving and creating a conducive business environment and support system for a large number of startups. One such startup, Click&Pay, T-Hub's portfolio company and a mobile-based payment solutions enterprise, has partnered with YES bank to facilitate cashless, secure and flexible transactions for customers.
As a part of this alliance, FinTech startup will issue YES bank sponsored mobile wallets and employ YES bank's Immediate Payment Service (IMPS) payments platform which will help venture to process instant proximity transactions with merchants and person to person.
Startup provides customers with an easy way to make payments in just one click through their mobile application. Through Click&Pay, customers can find the best offers in their locality and get cash backs on successful transactions. It also enables users to send or receive money instantly through their phones.
In April 2016, YES bank has signed a Memorandum of Understanding (MoU) with T-Hub. T-Hub is a unique public/private partnership between the government of Telangana, three of India's academic institutes (IIIT-H, ISB & NALSAR) and key private sector leaders. It aims to be the catalyst in building Hyderabad as a startup city and Telangana, as a startup state.
Commenting on the tie-up, Jay Krishnan, CEO, T-Hub, said, "T- Hub's goal of creating a rock star startup ecosystem in Hyderabad starts with identifying rock star startups in the hottest areas currently. While we do that, our team is focused on getting the best in breed corporate partnerships. This kind of a startup DNA is what helped us crystallize a great relationship with Yes Bank. Currently, our partnership with Yes bank exceeds far beyond engagements in FinTech."
YES bank's partnership with Click&pay is a step forward in creating a conducive business environment and support system for a large number of FinTech startups, as a part of the Bank's agreement with T-Hub.
With startups, academicians, corporates, researchers and even government sectors, all finding their place within the community, T-Hub aims to not just be a repository of ideas but also be the driving factor behind their successful run.
"As digital banking and payments are gradually becoming an important part of customer relationships, we are investing to build strategic alliances in the digital world to deliver mobile banking and payment experiences that are simple, non-intrusive, rich in contextual content, and are truly cross-channel, covering social and commerce platforms. This partnership with Click&pay will allow us to play a critical role in furthering the next generation of mobile payments," said Ritesh Pai, Senior President and Country Head – Digital Banking, YES bank.
The startup will reach out to approximately 1 million users this year by issuing the YES bank sponsored mobile wallet. The target customer base will fall in the age group of 18-40 years, spread across Tier 1 and 2 cities in India.
"India is leapfrogging towards being a cashless economy and the emerging markets are paving the way for this change. There is a huge opportunity to leverage digital channels including mobile phones to improve the lives of customers. However, the trust they have on the Indian Banking system in the past few decades, still remains unmatched. With this partnership, we are bringing the cutting edge online payments technology and a bouquet of conventional banking services together for one of its kind in the history of Digital payments. Our vision is to create a vibrant merchant ecosystem where millions of merchants would be able to accept digital payments using Click&Pay. We have on-boarded around 750 merchants in Hyderabad," said Sai Sandeep. S, Co-founder, Click&Pay.
This partnership will allow Click&Pay to also strengthen its merchant base, currently the company has on boarded close to 750 merchants in various sectors like food and beverage, clothing, fitness and lifestyle in Hyderabad as a part of first city expansion plan. In course of time it will expand in other major cities and other sectors like hotels and resorts, shopping malls and educational institutions.
