FInD, a government of Maharashtra initiative that aims to match suitable investors and startups in India, confirmed on July 2, 2020, that Yuva Pay, which is part of FInD’s curated Fintech cohort, has teamed up with Yes Bank to introduce an integrated digital wallet platform.
The Yuva Pay platform will serve as a banking app for money transfers. It will come with standard features such as allowing users to check their account balances, perform top-ups or recharges, make utility bill payments, and also earn special rewards.
Yuva Pay is being offered by Yes Bank through its partnership with UDMA Technologies, an Indian company that specializes in payments solutions. Yuva Pay may be used to perform contactless payments.
The Yuva Pay online wallet complies with relevant KYC policies and regulations. The app will allow users to make bill payments through India’s Bharat Bill Pay and will provide Unified Payments Interface (UPI) facility to all clients.
Like many other Indian Fintech apps, Yuva Pay may be used to settle utility bills, which may include municipal, house, water tax, electricity, LPG, DTH, license fees, etc. It’s also possible to make insurance renewals, EMI payments, and to pay for products at local retail outlets.
Anita Pai, COO at Yes Bank, stated:
“The program also aims to [help] the low income groups transition to digital and contactless transactions by enabling wider access to secure electronic payment services.”
Mobile phone users will have to complete biometric based KYC checks in order to use the app’s services.
India has evolved into a major global Fintech hub. The $2-$3 trillion economy is now home to many financial technology startups.
Indian Fintech StockEdge with 1 million+ users aims to help traders with equity markets and mutual funds investments and improving financial literacy.
Indian financial services firm LivQuik recently joined Visa’s Fintech Fast Track Program.
Indian Fintech Slice, which helps millennials with managing credit scores, has acquired $6 million in capital through funding round led by Japanese VC Firm Gunosy.