Who: YES Bank and Smartbox
When: Announced on 9 February 2016
Why: To help reduce delivery returns for e-commerce firms
YES Bank on 9 February 2016 announced its tie-up with Smartbox Ecommerce Solutions for solving challenges related to last mile delivery for e-commerce firms.
The bank will help power the payment solutions for Smartbox network of Automated Parcel Delivery Terminals.
The cash on delivery (COD) model continues to account for over 50 per cent of the e-commerce market which is expected to reach a size of 100 billion US dollars by 2020. YES Bank’s partnership will address this challenge and help reduce costs for e-commerce companies while offering additional convenience to online shoppers.
With the association of YES Bank and Smartbox, COD will be handled as CSOD (Card Swipe On Delivery) on the terminals, which will eventually reduce the burden of handling cash on the entire ecosystem.
About YES Bank
• Yes Bank is India’s fifth largest private sector bank.
• It is the only bank in the last two decades which was awarded Greenfield Bank licence by the RBI.
• Yes Bank is a full service commercial bank and has steadily built a corporate, retail & SME banking franchise, financial markets, investment banking, corporate finance, branch banking, business and transaction banking, and wealth management business lines across the country.