YES Bank signs 3 projects of smart city for payments-related solutions
Posted on:13 Mar 2017 09:52:40
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13 March 2017 Current Affairs: Private sector lender Yes Bank has signed three projects to provide payments-related solutions to smart cities. The bank finds it as a good business opportunity.
Yes Bank has currently ties up with Udaipur, Nashik and Puducherry for the introduction of digital payment systems under the smart city initiative.
This tie up will prove fruitful for the bank as it is follows a revenue share arrangement. It means that the bank will get some per cent commission on the usage of its facility. This will also benefit the bank as it will get new clients and help in cross-selling.
Yes bank has already started its services in Udaipur by introducing RuPay card for payment for government services and retail services. It will also roll out its service in Puducherry by end of April and in Nashik in May.
As per the bank in Nashik the main focus will be on government payments, while in Puducherry the bank will be launching a prepaid card for tourists.
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