Indus OS and YESBANK forge partnership over OS integrated UPI platform

Indus OS has joined hands with YESBANK to launch the first-ever OS-integrated UPI payment platform.

Rakesh Deshmukh, Co-Founder and CEO of Indus OS, said, “This year, one of our focus areas is to empower the ecosystem with OS-integrated innovations that allow for mass applicability of initiatives launched under the ‘Digital India’ program. Our partnership with YESBANK, which has already created a success with its existing UPI framework, aims to further drive up the existing growth rate of UPI-based transactions. The OS-integrated UPI payment platform built by us allows for more deep and contextual integration with the smartphone experience. With Indus OS’ technological know-how and YESBANK’s expertise in banking, the output will surely be a success and set high benchmarks in the digital banking space. This will be a major step towards our mission to facilitate Government-to- citizen services for a billion Indians.”

He further added, “Last month, highest UPI transactions were recorded since its launch. Our aim is to help our current and future user base, who hail from across different parts of the country, and from varied socioeconomic backgrounds, conveniently access the UPI payment platform. We hope this will help grow the transaction volumes further.”

RiteshPai, Chief Digital Officer, YESBANK, said, “YES BANK remains committed to the vision of a ‘less-cash economy’. We are constantly looking at ways to revolutionize digital products and solutions. As a leader in the UPI ecosystem, we are very excited to partner with Indus OS, the only operating system made for the Indian masses, to make the whole UPI experience more contextual. Integrating UPI into the mobile OS will help in creating multiple use-cases for payments and spur the adoption of UPI in our country.”

Currently, over 10,000 online and offline merchants are being powered by YESBANK’s UPI payments solutions; and there have been over 20 million downloads of such merchant-partnered apps and over 5 million YES BANK powered Virtual Payment Addresses (VPAs). YES BANK is currently responsible for close to 35% all UPI transactions in the country, and over 80% of the merchant transactions done on the UPI ecosystem.

The payment platform will promote ease in use and is expected to launch within this quarter.