Germany-based Wirecard announced on Wednesday it has formed a new partnership with India’s banking group, YES BANK. According to Wirecard, the new collaboration will expand the scope of India’s Aadhaar Enabled Payment System, a biometric digital payment system developed by the National Payments Corporation of India.
“From now on, Wirecard retail agents in India will be supported by YES BANK’s infrastructure and will serve as customer representatives India-wide to provide essential financial services, such as cash withdrawals and deposits, bank-to-bank transfers, and balance inquiries, to customers. Millions of consumers will benefit from daily financial services, which they quickly approve with their fingerprint.”
While sharing more details about the partnership, Ritesh Pai, Chief Digital Officer at YES BANK, stated:
“Financial inclusion and digital payment are core focus areas for YES BANK and we remain committed to the twin national agenda of Financial Inclusion and Digital India. Through our partnership with Wirecard, we will further proliferate AEPS-based cash withdrawal services, which serves a large part of India’s population residing in semi-urban and rural areas. The Bank continues to take strides towards improving last mile inclusion and be at the forefront of the financial inclusion movement in India. We look forward to developing our partnership with Wirecard and offer progressive digital payment solutions across India.”
Anil Kapur, Managing Director India at Wirecard, went on to add:
“We are delighted to partner with YES BANK and empower residents of India, especially those who live in rural areas and cannot easily access financial institutions, with the tools to manage their finances in an efficient and secure way. Our wide ranging retail agent network has once again proven to be an ideal solution for companies and industries in India seeking a nationwide service provider for their digital financial needs.”
