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Introduction
YES Bank is an Indian private sector bank that was founded by Rana Kapoor and Ashok Kapur in 2004. It offers a wide range of banking services and financial products to retail as well as corporate customers. The main divisions of the bank include retail banking and asset management services.
YES Bank is now owned by State Bank of India which has a 30% stake in the bank as on 28 July 2020. Due to this restructuring strategy, the bank is said to be performing well and cutting down on NPAs. YES Bank continues to focus on syndicated loans and corporate banking. It mainly operates via three subsidiaries – YES Bank, Yes Capital and Yes Asset Management Services.
YES Bank is the latest in line to join the next-generation payment technology Unified Payments Interface (UPI). This simple and robust payments mechanism is operated by National Payments Corporation of India (NPCI). YES bank has managed to leverage capabilities from UPI platform to deliver enhanced user experience. The bank aims to offer the widest range of services in the digital payments segment by considering various use cases by using their brand or through strategic partnerships with market leaders, startups etc.
YES Bank UPI (Unified Payments Interface) facility is structured to allow Yes Bank customers to easily and securely perform various financial transactions from their mobile phones. After registering for YES Bank UPI, users don’t need to visit the bank branch to perform regular banking transactions. Instead, they can use their mobile phone and perform all kinds of financial transactions.
About UPI
Unified Payment Interface or UPI is developed by National Payments Corporation of India (NPCI) to offer a digital platform for all monetary transactions in India. YES Bank has also launched its own UPI application to match with the pace of the constantly evolving economic structure of the country.
Let’s try and understand UPI in detail before using it. UPI is a digital platform using which people can easily transfer money from one account to another using their smartphones. It is set up on the structure of Immediate Payment Service (IMPS) to allow money transfers via Virtual Payment Address (VPA). A VPA is a unique identity or address which is given to the user at the time of signing up with a UPI Application.
This identity can be a user’s VPA, mobile number, Aadhaar number or account number combined with the IFSC code. A user can choose any convenient username as long as all the required details have been appropriately furnished. The payment made through the ID can be confirmed using MPIN or Mobile Banking Personal Identification Number. The MPIN is a code that is shared only between the sender and the receiver, thus making the transaction secure.
Yes Bank UPI
YES Bank now offers UPI services to all its account holders. The service will allow account holders to transfer money instantly over the phone without any need to visit the bank or fill up any forms.
YES Bank UPI offers following services to all its users:
- Financial Services: Various financial services can be availed with YES Bank UPI including utility bill payments, rent payments, etc.
- Funds Transfer: The app offers easy funds transfer service from one account to another.
- Sending Money: For sending money to a user, one can use the UPI by simply adding the recipient to the list of beneficiaries.
- Receiving Money: Receiving money is easy as users only need to provide their VPA to the sender.
- Balance Enquiry: Since user accounts are tethered to the UPI application, all the real-time information on the account is available on the user’s phone. Thus, one can enquire about current balance at any point.
- Change MPIN: Similar to changing passwords, users can easily change existing MPIN via the UPI application.
Understanding UPI Platform
UPI is structured around four main elements. Read on to find out more about these:
Push and Pull Mode of Payment
Authorization of miscellaneous payments -
In Push: Convenient for online shopping, investment-related expenses, interest payments or individual fund transfers
Collection request -
In Pull: Easy collection of bills, receiving premiums, due payments or bill splitting.
Safety and Security
UPI is one of the safest platforms for financial transactions. Since it is governed by RBI, it is set up on a strong and secure encryption platform for smartphones. The transaction initiator’s credentials are recorded by NPCI, thus making it easier for future tracking in case of discrepancies.
Seamless Transactions
UPI allows transactions to be seamless. The transactions can be instantaneous and done in real-time. There is no time limit for carrying out transactions and can be initiated 24/7. This eliminates the necessity to physically visit a bank branch for financial transactions.
Ease of Usage
One of the key features of UPI is the ease of use. Users don’t have to be technically sound to efficiently operate UPI. They only need a VPA to proceed. The UPI has a single-Click 2-factor authentication process. Once the authentication is done, users can make use of UPI for sending or receiving money.
Security Offered by YES Bank UPI PIN
A user can keep his or her Yes Bank account safe and secure at the time of performing various financial transactions through mobile phone. All it requires is, for the user to create a secure and unique banking PIN for Yes Bank account. This PIN is also called the Yes Bank UPI PIN and it is used to easily and safely perform different financial transactions through the bank account.
YES Bank UPI PIN can be generated online using a mobile app. This eliminates the need to physically visit the bank branch or ATM. After downloading the app, a user can instantly create a fresh UPI PIN and then begin performing financial transactions.
YES Bank UPI PIN is completely secured in the following ways:
- UPI registration for Yes Bank accounts can be done once the user’s mobile number has been linked with the bank account
- For using YES bank UPI services, users must create a new UPI PIN using their bank debit card
- To initiate financial transactions, users have to make use of Yes Bank UPI PIN. No transactions can go through without this PIN
- Users can also create a password for the app so that it cannot be accessed by anyone else
- There is also the option of setting up a PIN or pattern lock for the phone to keep it safe.
About YES Pay
YES Pay is designed as a one-stop mobile app for managing different payment modes like wallet, UPI, Credit Card, Virtual cards and seamless payments.
YES BANK’S Payment Application
YES PAY is an app which allows users to register and spend any time they want. It comes with a free prepaid wallet, a virtual card for online transactions, Unified Payment Interface (UPI), and YES BANK Credit Card Management. It offers a range of services like Mobile/DTH recharge, bill payments, gift vouchers, music and various discount coupons. The best part about YES Pay is that a user does not have to be a YES bank customer to register on this app.
Key Features
Prepaid Wallet – Users can register themselves for prepaid wallet services by entering Aadhaar Number or YES BANK Customer ID. Wallet users can get a free virtual card which can be used on different E-commerce sites and apps.
Unified Payment Interface (UPI) – With the help of UPI, users can Pay money, receive money, check Account Balance, verify Latest transactions, Set MPIN, modify MPIN, etc.
Load Money – Money can be conveniently added using YES BANK Debit Card/Credit Card, or NetBanking. Money can also be added using any UPI linked Bank Account
Sending and Receiving Money – Instant funds transfer can be done to other YES PAY users or Bank Accounts or UPI Virtual Address. Receiving money from friends/contacts is easy. Funds transfer is allowed only after a cooling period of 24 hours of adding funds.
Split Bills – Users can split bills or expenses amongst friends and family.
Prepaid Mobile/DTH recharge/Bill payments – Prepaid mobile recharges of all telecom operators like Vodafone, Airtel etc can be done. Users can also recharge DTH connections of all major providers like Tata Sky, Dish TV etc. Easy bill payment is possible.
Shopping – Online shopping across leading merchants can be done using YES PAY using a single click check out. Pay conveniently at outlets using NFC / QR and Tone Based Technologies and Bharat QR
Location-based Deals – Purchase deals can be availed for outlets near your home or office. Explore categories like personal care, food outlets & many more.
Attractive Reward Points – Users can earn reward points on select transactions with an easy redemption option anytime. It can also be used for shopping within the wallet.
FAQs
1. What is UPI?
Unified Payments Interface (UPI) is a real-time payment solution governed by National Payments Corporation of India (NPCI) to facilitate inter-bank transactions. It is monitored by the Reserve Bank of India and allows instant funds transfer between bank accounts on any verified mobile device. UPI uses IMPS (Immediate Payment Service) for funds transfer from one account to another.
2. Can I view my transaction history?
Yes. YES Bank UPI app allows you to view transaction history. In the ‘Home’ screen of your UPI app, select the ‘Transaction History’ option to view all your past and pending transactions.
3. If I happen to lose my mobile, can anyone else access my bank account and make transactions?
In case you lose your mobile phone, you can block your mobile number so that no transactions can be initiated from your mobile number. Also, UPI PIN is essential while making any transaction via UPI. Since this is always confidential, no one can make transactions using your lost mobile.
4. Money was debited from my YES Bank account but I did not receive any confirmation message. What do I do?
After completing a transaction, you must check for success status on your YES Bank UPI app. Also, an SMS is sent to your registered mobile number from the bank. It is highly recommended that you contact the customer support of the bank if you do not receive a confirmation within an hour of completing the transaction.
5. Is UPI the same as a regular wallet or a bank account?
UPI is not the same as a regular wallet or bank account. Traditional mobile wallets take a specified amount of money from the user and store that money in their accounts. On the other hand, UPI withdraws and deposits funds directly from the bank account whenever a transaction is requested.
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