Y-Cash Software Solutions Pvt. Ltd. and Karur Vysya Bank, a leading private sector bank in India today announced the launch of YPayCash, a unique and innovative mobile wallet and payment offering to customers and merchants throughout the state of Tamil Nadu. Authorized by the Reserve Bank of India (RBI), YPayCash – a first of its kind pre-paid mobile wallet, supports various kinds of payments including payments at retail shops, mobile/DTH Recharge and fund transfer. Unlike other mobile payment systems which are predominantly used for fund transfers between bank accounts, YPayCash aims to address the needs of majority of retailers in India who do not have access to a viable non-cash payment system.
YPayCash is a simple and cost effective payment platform enabling customers and merchants to transact smoothly using their mobile phones thereby avoiding cash payments. The platform does not require any investment in software or Point of Sale (POS) hardware allowing merchants of all categories, including Kirana stores to use this platform to accept non-cash payments. They would simply have to enroll in this economical and easy-to-use payment platform. YPayCash is freely available to customers and even a person without a bank account can avail this service.
Speaking on the occasion of the launch, Mr. Ravi Jagannathan, Director of Y-Cash Software Solutions commented, “Our target is to enroll small and mid-sized merchants who typically do not use credit/ debit card payment system. The merchant enrollment program which commenced in 7 cities in Tamil Nadu from Oct 3, 2012 has seen very good acceptance amongst retailers with more than 3000 merchants already signed up to accept YPayCash due to the twin benefit of lower cost and ease of use. Our partnership with Karur Vysya Bank would further strengthen our reach to the market and help position YPayCash as the non-cash instrument of choice for retailers in Tamil Nadu and neighboring states.”
“Mobile based solutions are a strategic area of growth for our bank. With this launch, we are not only introducing an innovative and unique technology solution to our customers but also bringing in a disruptive business model that would bring a paradigm shift in the payment ecosystem. We are happy that it is being introduced first in Tamil Nadu where we have an extensive network and customer base which would benefit from this.”, said Mr. K. Venkataraman, Managing Director and CEO of Karur Vysya Bank.
Y-Cash Software Solutions Pvt. Ltd is a 100% subsidiary of eMudhra Group. Established in 2011, Y-Cash is authorized by Reserve Bank of India under the Payment and Settlement Systems Act 2007 to issue Pre-Paid Mobile Wallet. Y-PayCash is an indigenously developed mobile payment platform by Y-Cash which is patent pending and winner in the Asia PKI Innovation Award 2012.
eMudhra group is engaged in the business of providing consumer technology solutions to Indian consumers. eMudhra has the following regulated businesses with respective business licenses and approvals:
• One of the 4 private licensed Certifying Authorities under the Information technology Act with a subscriber base of 500,000.
• One of the 3 private Corporate eReturn Intermediaries licensed under the Income Tax Act with a registered base of over 600,000.
• First licensed Certifying Authority under the Electronic Transactions Act, Mauritius.
• RBI Authorized Mobile Wallet provider.
Karur Vysya Bank was founded in the year 1916 in Karur, Tamilnadu. The bank has a pan India presence and presently has 523 branches and over 1200 ATMs in 19 States across the country. The bank offers tailor-made products and services to meet the requirements of various categories of customers.
On the technology front, the bank was one of the earliest banks in the country to migrate to the Core Banking Solutions platform. The bank offers best of services through its alternate delivery channels to make banking convenient for its customers. KVB is one of the banks in the country that offers interbank fund transfer through mobile phones. In a first of its kind, hot listing of lost debit cards can be done through the mobile. The bank has been richly appreciated for its performance by different reputed agencies and publications. During the year 2012, the following awards have been bestowed on KVB:
• Bloomberg UTV Financial Leadership Awards, 2012 – Best Private Sector Bank
• Business PricewaterhouseCoopers India’s Best Banks, 2012 – Best Small Bank
• Institute for Development & Research in Banking Technology Best Bank Award – IT implementation & Management Among Small Banks, 2011-12 and Managing IT Risk among Small Banks, 2011-12