YES BANK Partners U.T. Administration of Diu to Launch Bharat QR

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Mumbai, February 15, 2019: YES BANK, India’s 4th largest private sector bank announced the launch of its Bharat QR digital payment service, in partnership with U.T. Administration of Diu for 200+ retail shops. The digitization project aims to benefit over 30,000 residents of Diu to buy daily essentials while also giving tourists convenience of cashless experience during their travel in the Union Territory (U.T.). The joint project with the U.T.’s Administration is among many such initiatives planned by YES BANK towards Diu’s transformation into a Smart City.

Developed by NPCI, BharatQR, world’s first interoperable payment acceptance solution primarily works by scanning QR codes.

With the roll-out of Bharat QR by YES BANK, for the first time in Diu, merchants and consumers will have a seamless, safe and secure payment method to transact from simply scanning a code. For customers who visit retail shops to buy daily essentials, Bharat QR eliminates the need to carry cash or use other payment methods when transacting with any merchant. Similarly merchants need only display one single QR code supported by YES BANK at the storefront or through their mobile application provided by the Bank.

Commenting on the launch, Mr. Ritesh Pai, Chief Digital Officer at YES BANK said, “YES BANK is pleased to partner the Administration of Diu to make Bharat QR live for all retail transactions in the UT, giving one-code convenience to citizens, tourists and merchants. YES BANK continues to be ahead of the curve in introducing progressive digital payment solutions and remains committed to the twin national agenda of Digital India and financial inclusion.”

Mrs. Vandana Rao, IAS, CEO – Diu Smart City Limited & CO – Diu Municipal Council, said, “Bharat QR is the Easiest way to make payments; hassle free, simple and user friendly solution for merchants and citizens in Diu provided by YES BANK (Banker for Diu Smart City).”

The Bank’s joint digitization exercise, in partnership with Diu Administration and supported by technology partner & business correspondent, PayNearby aims to reduce overall infrastructure cost incurred by retail shops with respect to installing POS devices and related maintenance charges. The solution does not require the end customer to carry any physical card benefitting not just citizens but also tourists visiting the UT. Customers simply need to ‘Scan & Pay’ from the smart phone to make real-time cashless payments and receive instant receipts from the merchant.

In addition to giving a seamless customer experience, YES BANK aims to bring high levels of security to customers; here they do not have to physically present their card or even part with any of their banking details such as card number or CVV. The customer’s card credentials remain in his/her control throughout the transaction and transaction authentication is done securely by him on his own device. The payment solution is bank neutral and encompasses payments from any bank within India that is live on the Bharat QR platform.

In YES BANK’s continuous endeavor towards furthering the Govt. of India in its ‘Smart City’ project, the Bank has currently partnered with 14+ Smart Cities, supporting them with Digital initiatives and YES SCALE project for significant improvement in efficiencies of respective Administrations, financial inclusion and for greater civic betterment.