First bank in India to launch the Innovative technology, in partnership with MasterCard, to reduce frauds on card transactions
Mumbai, 28th January, 2016: YES BANK, India’s fifth largest private sector bank, is launching YES InControl in association with MasterCard. YES InControl will allow YES BANK customers to fully control their YES BANK Debit card usage in a manner that has not been experienced before in India. Using YES InControl customers can now customize usage parameters and limits for their YES BANK Debit Cards for better safety and efficiency.
YES InControl enables this by allowing the customers to suitably configure the parameters such as daily/ weekly budgeting, merchant category, location and time of the day. These parameters can be easily and conveniently set by the customer themselves through YES BANK NetBanking on a real-time basis, thereby having an enhanced security, better control and accurate management of finances. By imposing a limit on the credit card, customers will be able to ensure an additional layer of security on their card supplementing the existing state-of-the-art security offered by the YES BANK platform.
YES InControl also allows the customers to manage and modify limits on add-on cards linked to the YES BANK debit card thereby helping them be in-charge of the family’s budget and finances. The facility will also empower customers to build a spending and savings discipline, gradually over a period of time.
Speaking about the launch Mr. Pralay Mondal, Senior Group President, Retail and Business Banking, YES BANK, said, “YES BANK is delighted to be the first bank in India to launch YES InControl, in partnership with MasterCard. The customers today want to customise and manage all parameters on their card spends themselves, based on their requirements. We truly believe this will be yet another innovative first for our customers.”
Mr. Porush Singh, Country Corporate Officer, India and Division President, South Asia, MasterCard said, “India is rapidly moving towards digitisation and hence there is a need for innovative solutions & products that build consumer confidence and drive greater electronic payments. At MasterCard, our endeavour is to work with our issuing banks to introduce global best practices that will help cardholders transact more safely and securely in a digital environment. We are delighted to partner with YES BANK to introduce YES InControl, that is a best in class fraud & safety product that enables cardholders to manage and control their finances and secure their transactions.”
With this launch, YES BANK reinforces its leadership position in using Innovation and Technology to provide enhanced and superior Banking experience to its customers. In future, YES InControl will also be made available through Mobile Banking to make it more consumer friendly and accessible.