Let me start today’s post with this: -
Elaborating on the initiative, Mr. Rana Kapoor, MD & CEO, YES BANK said, “YES BANK is proud to pioneer this unique solution, which will empower all bank account holders and enhance efficient digital financial inclusion in the most efficient manner. YES BANK is committed to fully support the Government’s demonetization and digital payments initiatives. Through the launch of SIMsePAY along with Co-operative Bank tie-ups across the country, we will effectively aid our country’s ongoing transition to a ‘less-cash’ society, and eventually a ‘cashless India’.”
This July 21, 2015 Press Release by YES Bank first mentions about SIMsePAY. The full fledged launch by YES Bank took place on November 30, 2106.
The major benefits of SIMsePAY are:
· Works with ANY mobile phone – No differentiator between Feature or Smart phone
· Works with ANY Telco (independent of the underlying SIM Card)
· Works without Internet Connectivity through encrypted SMS
· No additional charges / special charges on the SMS
· Works at ANY time of the day or night with a simple User Interface, as the funds transfer is through NEFT or IMPS
· High security transactions using encrypted SMS technology
It would be wonderful if YES Bank raises its target of garnering 5,00,000 users by 2017 to 50,00,000. In this era of Safe Digital Transactions, 5,00,000 is too low a target.