YES Bank Virtual Prepaid Card Program Largest in the World on MasterCard Platform

NEW DELHI, INDIA: YES Bank has announced that it has become the largest issuer of Virtual Prepaid Cards in the world on the MasterCard Platform. The number of virtual prepaid cards issued on this platform has crossed 17 Lakhs users in just a matter of 12 weeks since launch in Jan, 2016. It has partnered with FreeCharge for issuance of Virtual Prepaid Cards.

The Virtual Prepaid Card which was launched by YES BANK on the MasterCard platform in partnership with Singapore based Matchmove, allows customers who do not own credit cards or even online banking facilities, to immediately start making purchases online or in-app by linking to a prepaid wallet. The Virtual Prepaid Card which can be generated at the click of a button removes the limitations of Wallet integration with merchants and allows wallet users to perform transactions at all online merchants on the MasterCard platform.

Ritesh Pai, Senior President and Country Head – Digital Banking, YES BANK, said “Our focus is on leveraging Innovation and Technology to provide a hassle free payment experience across to unbanked and uncarded customers who were hitherto unable to make online payment transactions.”

Digital wallets are emerging as a convenient and secure mode of payments among consumers in tandem with smartphone adoption and rise in the number of internet users. Consumers are now increasingly adopting digital wallets as its utility has been expanded beyond just paying bills and enabling hassle-free payments from anywhere.

The Virtual Prepaid card issued by YES BANK has garnered tremendous transaction in a short amount of time and is currently seeing close to 15,000 new virtual cards being generated daily. The user adoption has also been quite high with over 5,000 transactions daily with an average ticket size of INR 350 per transaction.