Yes Bank Launches Simsepay for Rural Users

In order to aid rural people get over the cash crunch, Yes Bank   has launched a latest digital transaction service through mobile phones that do not require an Internet connection. Named as SIMsePAY, the technology is based on wafer-thin sticker fixed to any SIM card of a telecom provider that sources information from a co-branded prepaid wallet linked to it.

In Dehradun, Yes Bank launched a pilot of the service with a co-operative bank and will take it wide across the country. SIMsePAY permits any account holder to transfer money, pay utility bills and other mobile banking services, without the requirement of smartphones or Internet. It is a part of the government's digital payments drive. The offering is based on a frugal 'sim-sleeve' technology, in association with Taisys Technologies.

The bank plans to garner a base of 500,000 SIMsePAY users by 2017. With the launch of SIMsePAY along with co-operative bank tie-ups all over the country, Yes Bank will effectively aid the country's ongoing transition to a less-cash society, and eventually a cashless India. SIMsePAY will look after the large section of Indian population who remain unbanked or under banked on account of lack of access to smartphones and mobile Internet as close to 650 million are feature phones, Yes Bank said. Yes Bank plans to launch pilots in Bihar, Arunachal Pradesh and Goa over the next 10 days.

Intraday on Thursday, Yes Bank share price is trading at Rs. 1171.75, down by 0.18 per cent and touched the day’s high and low at Rs. 1184.75 and Rs. 1161.00. Around 14,31,675 shares aere traded in the counter with a traded value of Rs. 16,771.79 lacs, as per NSE.

Dynamic Levels have identified Yes Bank is one of the top 500 performing stocks for this quarter. For further details on the stock, refer to Yes Bank share price history.