YES Bank - Mobile Money Services

The Problem: The existing banking structure is tailored for absolute convenience to customers, with online banking, ATM services etc. Still a large section of our population is unbanked and those who are using it are restricted to internet connection, which is not as widely accessible as mobile phones.

The Solution: The objective of Mobile Money Services is to offer a payment solution to customers through a mobile handset. One can avail this service by submitting documents at Yes Bank's Banking Correspondent stores. It transforms physical cash into digital money, loaded on their mobile phones. Through his mobile phones, a user can make payment to merchants, transfer money to his friends, pay utility bills etc. The payment is made via multiple channels i.e. SMS, IVR, WAP, JAVA and FIRE applications.

The Result: Mobile Money Service is economic and brings instant transaction via digital money.

It is not bound by geographical boundaries and allows dealings minus physical proximity, internet access and branch services, and also eliminates the need for an expensive credit card POS terminal especially for small merchants.