Yuva Pay latest TPAP to onboard UPI

 

        By now, the majority of bank account holders in India are familiar with UPI as a funds transfer mechanism.

        In short, Unified Payment Interface,” UPI” is a payment platform provided by National Payments Corporation of India (“NPCI”) to the residents of India.

UPI payment platform allows bank account holders to make instant online payments from multiple bank accounts ( tagged to the account holder’s mobile number) to another Person and or Merchant in a single mobile application.

        TPAPs (UPI Third Party App Provider (TPAP) play an important role in executing UPI transactions.

        TPAPs need to tie up with a bank licensed under the Banking Regulation Act, 1949 and registered as UPI PSP (Payment Service Provider) for facilitating the UPI transactions.

        Yuva Pay PSP is YES Bank and it’s UPI handle is @yesbank. This means bank account holders downloading Yuva Pay App and linking their bank account will get a UPI ID ending with @yesbank.

        Bank account holders can share this UPI ID to receive funds in the linked bank account.

        Yuva Pay is a digital wallet being offered by UDMA Technologies.

The key differentiator of Yuva Pay is its ability to work even without internet i.e offline

 

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UVA PAY is a platform for last mile rural population to become a part of Digital India cashless initiative by providing financial inclusion services to the unconnected and unbanked population WITH OR WITHOUT INTERNET connectivity by supporting both smart & feature phone.

 

YUVA PAY is the best financial inclusion app for all your digital bill payments and recharges. It is enabled with Mobile Wallet and BHIM UPI. YUVA PAY works on both internet & No-Internet Zone, also on smart & feature phones. Money transfer from wallet to wallet and withdraw money from wallet to bank (for full KYC users) can be managed WITH OR WITHOUT INTERNET  

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Yuva Pay is designed to work on both smartphones and feature phones.

The KYC process for smartphone users is via biometric based KYC process and for featurephone users is via a physical visit to the nearest ‘Yuva Mitra’.

Smartphone users will need to complete a biometric-based KYC process within 24 months after wallet activation to start using the services online.

 

While for feature phone users, customers will have to visit the nearest ‘Yuva Mitra’ associate to complete the minimum or full KYC verification process said the Bank.

 

For feature set users, Yuva Pay will leverage Interactive Voice Response Services (IVRS) wherein all transactions are processed securely via OTP and T-PIN (telephone pin) authentication.

 

In case, users are facing internet connectivity issues, the payment and collection request will be converted into an encrypted SMS and the transaction is completed in offline mode, through the service.

Karnataka’s State Rural Development & Panchayat Raj Department will rollout the first phase of the program in 158 gram panchayats with 238 villages

In the second phase, the program will be rolled out to 6200 gram panchayats covering 12 million households across 29,000 villages in the second phase.

 

This launch is expected to boost not only UPI transactions but also BBPS bill payments, as the users can pay to the respective BBPS biller via Yuva Pay. There is no need to download a different app for payment to BBPS billers.

This will decrease the Bill collection TAT for BBPS billers and also improve their cash flow