Social Payment App Mypoolin Ties up with YES BANK for Unified Payments Interface
UPI is built on top of IMPS (Immediate Payment Service), the only real-time, 24*7 payments mechanism in the country makes it very easy for users to make payments with just their ‘virtual addresses’ - a unique payment identity of a user for sending and collecting money.
Social payment app Mypoolin has partnered with YES BANK, India’s 5th largest private sector Bank for Unified Payments Interface (UPI) to enable its users to make seamless merchant and peer to peer payments on its platform. The service will be available post UPI going live.
UPI is built on top of IMPS (Immediate Payment Service), the only real-time, 24*7 payments mechanism in the country makes it very easy for users to make payments with just their ‘virtual addresses’ - a unique payment identity of a user for sending and collecting money. It allows users to pay merchants directly from their bank account without sharing their card details.
Mypoolin, which is currently in the area of social payments and enables bill splitting, P2P(Peer-to-Peer) transactions and In-App merchant payments will integrate YES BANK’s innovative best-in-class UPI Plug-in which will enable quicker and improved customer experience for P2P or P2M(Peer-to-Merchant) payments within the Mypoolin App directly from customer’s Bank account with ANY Bank participating in UPI.
Speaking about the tie up, Ankit Singh, Co-Founder, Mypoolin said, “As a social payments company, we are driven towards creating a seamless payment experience for all social use cases such as dining, movies, gifting, travel and more. YES BANK, being a technology driven bank, was our natural partner for introducing the UPI platform to our users.” He further added, “We recently were the first ones to launch Facebook Messenger ChatBot for P2P payments and now with UPI, we want to take the ease of payments to the next level.”
Ritesh Pai, Senior President & Country Head - Digital Banking, YES BANK, said, “We are happy to partner with Mypoolin for enabling UPI based transactions on Mypoolin’s platform. The trend of Social Payments is picking up among youth and UPI is going to play a major role in furthering the scope of various use cases - especially in the P2P(Peer-to-Peer) domain.”
UPI, which was launched in April by NPCI (National Payments Corporation of India) is being termed a game changer in the fast evolving payment landscape in the country. The best part for the consumers in this new revolutionary method is that the payment gets completed with just one input – their banks’ mPIN while the first factor of authentication is the device itself, making it a ‘Single Touch, 2 Factor Authentication’ method.
Mypoolin is a social payment app that enables users to send and receive money with friends in the smartest and fastest manner possible. The company also enables its users to make seamless merchant and peer to peer payments on the UPI platform.
YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Finest Quality Bank of the World in India” by 2020.
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